A group of bipartisan legislators, led by Democratic Senate Majority Leader Chuck Schumer, have recently pressed for legislation that would regulate artificial intelligence in response to growing public concern.

However, industry experts warned that if AI was overregulated, China could gain an economic and technological advantage over the United States.

To compete with China, experts told Fox News on June 9 that the federal government and the private sector should continue to invest in AI and refrain from imposing stringent regulations.

Dr. Michael Capps, the chief executive officer of Diveplane, while expressing reluctance toward AI regulation, encouraged more investment in the emerging technology.

“I’m a big fan of tripling down on AI spending because that’s how you get savings in the future,” Capps said.

“[For example], better AI investment now is going to reduce health care costs in three years or five years rather than just spending more on entitlements programs.”

Christopher Alexander, Chief Operating Officer of Liberty Blockchain, believes that potential restrictions enacted by Congress are not what America needs, as China shows no indications of slowing its AI development.

“They want to win, and they are willing to go to any lengths to do that,” Alexander said. “There are a lot of complicated issues with regard to regulation and AI is extremely dangerous and could take us places where humanity doesn’t want to go.”

“I’m not against regulation, but of course, if we were to regulate it, that would put us at a disadvantage with anyone who didn’t regulate it,” he added.

Regarding American investment in Chinese enterprises, Gordon Chang, author of “The Coming Collapse of China,” advised the United States on how to proceed in the correct direction.

“We have to recognize the comprehensiveness of the Chinese system and cut trade and investment with China,” Chang said. “If we do that, China does not have a chance of competing with the United States because we’re a far stronger society.”

According to the Associated Press, their comments follow Schumer’s statement last month that legislators were crafting legislation to address the issue of AI regulation.

Sam Altman, the CEO of OpenAI, the company that operates ChatGPT, testified before the Senate Judiciary Committee on May 16 to advise that government intervention is essential for controlling the expanding risks of AI.

At the conclusion of the hearing, he proposed the establishment of a U.S. or international agency to license and supervise all AI systems.

“As this technology advances, we understand that people are anxious about how it could change the way we live,” Altman said, per the AP. “We are, too.”

Reuters reported that two new AI-related proposals were introduced to Congress on June 8. The first would require the U.S. government to disclose whether it uses artificial intelligence to interact with the public, while the second would establish a government authority to assure America’s competitiveness in the development and application of new technologies.

According to The Hill, Schumer’s announcement on June 6 that senators were attending briefings on artificial intelligence (AI) to gain a deeper comprehension of the subject indicates that legislation will likely resume on the matter.