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Semafor

Newspaper | United States | Centre-Left
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Economy

What are the important things we should consider about Kevin Warsh's nomination as Fed chair?

At Kevin Warsh's Fed confirmation hearing today, Republicans will cast him as a change agent ready to shake up a tradition-bound institution. Driving the news: In remarks introducing Warsh obtained by Axios, Sen. Dave McCormick (R-Pa.) will say the onetime Fed governor "brings a reformer's heart" and "will shake up a stagnant institution at a time when change is sorely needed." It echoes some of Warsh's own criticisms of the Fed, saying that the central bank "must not be ruled by pointy-headed economists poring over outdated models and reams of market data."Democrats on the Senate Banking Committee plan to focus on potential conflicts of interest stemming from Warsh's expansive portfolio, which includes some investments that could be affected by Fed policy. They also intend to question his independence from President Trump. State of play: Warsh's nomination is broadly supported by Republicans and opposed by Democrats — putting his confirmation on track to be a more partisan affair than in the past. Just four years ago, Jerome Powell received 80 votes in favor of his confirmation. Alan Greenspan was confirmed five times by voice vote.Still, Republicans have the votes to confirm Warsh — or will, that is, if a Justice Department investigation into Powell that is ostensibly about the Fed's over-budget building renovation is resolved.Sen. Thom Tillis says the investigation is a pretext to pressure Powell over monetary policy — a view shared by a federal judge as well as Powell himself. Tillis has pledged to block Warsh's passage through the banking committee until the investigation is dropped. Zoom out: Powell's term is up May 15 and the Trump administration is eager to get him out. McCormick's planned introduction shows the support he has among Republican senators. What they're saying: "If confirmed, Kevin will inherit a Federal Reserve in need of repair and confronting serious uncertainty," McCormick will say, noting "an overextended balance sheet; a poor record on inf

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Technology

What are the benefits and risks of having a national AI plan that changes state laws about technology?

The Trump administration's highly-anticipated recommendations for Congress on AI offer lawmakers a list of priorities rather than a concrete legislative plan. Why it matters: Though the framework marks a starting point from the White House, it will be incredibly hard for Congress to pass anything like it — even with Republicans in control. Disagreements over AI policy go well beyond Republican vs. Democrat, and they overlap with broader tech policy debates that Congress has never been able to solve. Friction point: The four-page framework calls on lawmakers to limit the ability of states to set their own rules for the technology, setting up a renewed clash with states and Congress over the future of AI regulation. It's not tied to any specific bills and doesn't resolve longstanding issues around protecting kids and overriding state law. What's inside: The framework says Congress should "preempt state AI laws that impose undue burdens to ensure a minimally burdensome national standard consistent with these recommendations, not fifty discordant ones." The proposal calls on Congress to: Address the use of AI replicas that simulate someone's likeness or voice.Codify President Trump's pledge to require tech companies to pay for their increased energy demands.Establish "regulatory sandboxes" to allow developers to experiment with AI under relaxed rules. It also focuses on kids' online safety: "AI services and platforms must take measures to protect children, while empowering parents to control their children's digital environment and upbringing," the framework states. Our thought bubble: It's a sign that this move is about the White House staking out a position and pointing to the framework as a demonstration it tried to set the rules of the road, rather than advancing a bill. The White House's biggest efforts on AI policy are focused on squashing state efforts to regulate the technology. Between the lines: The framework says the Trump administration "believes that traini

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