Key facts
- Treasury Secretary Scott Bessent stated AI companies can stop their progress at any time.
- Bessent testified before the House Financial Services Committee.
- Rep. Maxine Waters criticized President Trump's AI policies.
- Leading AI executives recently called for a slowdown in frontier model development.
- Bessent defended the Trump administration's AI model examination efforts.
- Bessent views AI development as a technology race with China.
Treasury Secretary Scott Bessent asserted that leading artificial intelligence companies have the autonomy to halt their technological advancements whenever they choose. Speaking before the House Financial Services Committee, Bessent dismissed recent calls from AI executives for a slowdown in the development of advanced AI models, stating, 'They could stop any time they want to.'
His comments came as Representative Maxine Waters, the committee's top Democrat, questioned Bessent about the escalating risks associated with AI. Waters criticized President Donald Trump's administration for pushing AI and data center development without adequate safeguards, particularly in light of increasing threats. This exchange followed weekend endorsements by top U.S. AI executives for a pause in the development of 'frontier models' due to existential safety concerns.
Bessent defended the administration's proactive stance on AI model examination, noting that such efforts began five to six months prior. He also highlighted Treasury's role in coordinating the financial sector's cyber defenses against AI threats and facilitating information sharing among companies to fortify their systems. President Trump had earlier characterized warnings about AI as a 'hoax' and resisted calls for increased regulation.
Both Trump and Bessent have framed the debate over AI regulation as a critical technology race with China. Bessent has warned that falling behind Beijing in AI development would have severe consequences for the United States. Ahead of an anticipated meeting between Trump and Chinese President Xi Jinping, Bessent, who manages the administration's AI relationship with China, is scheduled to meet with his Chinese counterpart, He Lifeng.