US Senator Bernie Sanders has introduced the American AI Sovereign Wealth Fund Act, a proposal that would give the public a 50% ownership stake in the largest artificial intelligence companies in the United States.
Sanders said the legislation is intended to address concerns that, if left unchecked, artificial intelligence and robotics could threaten jobs, privacy rights and mental health of Americans.
“As a society, we can no longer sit back and allow a handful of Big Tech oligarchs to determine the future of this revolutionary technology with no democratic input,” Sanders argued.
The legislation would give the public a direct ownership stake in the largest AI companies in America through a one-time 50% tax on the stock of the biggest AI companies. This stock would be deposited into the sovereign wealth fund.
At current valuations, the sovereign wealth fund would be worth an estimated $7 trillion, according to Sanders. He said a 5% annual dividend from the fund could provide a direct payment of more than $1,000 to everyone in America.
If passed, the bill would create an Independent Commission for Democratic AI to manage the sovereign wealth fund in the public interest and would require large companies that operate both AI and non-AI businesses to separate those operations.
The legislation would also seek to ensure that the economic benefits generated by AI are used to improve the lives of Americans.
Also Read: Bernie Sanders Warns AI Revolution is Led by the World’s Richest Few
