As the Senate considered the future of artificial intelligence regulation in America in May, four Senators or their family members bought stock in major AI-related companies: Google, Nvidia, Meta and Amazon. Three of those senators sit on the Commerce, Science and Transportation Committee, which held a hearing at the beginning of the month with AI executives—and two of them purchased Google stock that very same day. 

Senators Capito, Moran, Fetterman and Boozman all reported purchases (either personally or by their spouse or dependent child) of Google stock in May. Boozman also reported purchasing Nvidia, Meta and Amazon stock. 

During that time, the Senate was considering the future of AI regulation across the country, including passing a 10 year moratorium on AI regulations that would ban any state laws on the technology. Big Tech companies with AI ventures including Amazon, Google, Microsoft and Meta reportedly lobbied for the moratorium. 

The CEO of OpenAI, Sam Altman, also spoke about the risks to the industry at the Senate Commerce Committee’s May 8th hearing on artificial intelligence and innovation, saying regulation could be “disastrous” to the United States’ lead against China in developing AI technology.

On that same day, Senator Jerry Moran, who sits on the committee, reported purchasing between $4,004-$60,000 in Google stock along with his wife. Senator Shelley Moore Capito, who also sits on the committee, reported that her spouse purchased between $1,001-$15,000 in Google stock. A week later, Senator John Fetterman reported purchasing between $1,001-$15,000 in Google stock apparently on behalf of one of his children—Fetterman also sits on the committee. 

Senator Boozman, who does not sit on the committee, reported making his AI-related stock purchases jointly with his spouse, which totaled between $5,005 and $75,000 between May 13th and 30th. 

Moran and Boozman said in 2022 that their stock trades were made by brokers. Fetterman’s children’s trades also appear to be managed by brokers.

The AI regulation moratorium was eventually pulled from the Senate version of the budget bill, after passing the House, but the fact remains that these senators were purchasing stock in AI-related companies as those same companies were lobbying for a massive deregulation of the industry. While their stock purchases were not huge, the timing raises questions, especially for those senators who purchased stock the same day their committee heard from industry leaders. Only a comprehensive ban on congressional stock trading could fully put these types of concerns to rest. 

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