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In May, four Senators or their family members bought stock in AI-related companies while the Senate was considering deregulating the industry.
Three of those senators sit on the Commerce, Science and Transportation Committee, which held a meeting with AI executives —and two of them purchased Google stock that same day.
Senators Shelley Moore Capito, Jerry Moran, John Fetterman and John Boozman all reported purchases (either personally or through their spouse or dependent child) of Google stock in May. Boozman also reported purchasing Nvidia, Meta and Amazon stock—all of which have AI ventures.
The timing of these purchases raises questions, especially for those who heard from industry leaders the very same day they purchased stocks in these companies.
CREW is working for ethics reforms like banning congressional stock trading to ensure elected officials are working in the best interest of the people—not personal profit. If you’re with us, please donate now to support CREW’s work→ [[link removed]]
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CREW’s investigation found that senators bought these stocks in May, as the Senate considered the future of AI regulation across the country—including a 10 year moratorium on AI regulations that would ban any state laws on the technology.
On May 8th, Open AI CEO Sam Altman spoke about the risks to the industry at the Senate Commerce Committee hearing.
That same day, two senators sitting on the committee reported Google stock purchases. Senator Jerry Moran purchased up to $60,000 in stock along with his wife and Senator Shelley Moore Capito reported that her spouse purchased up to $15,000 in stock.
A week later, Senator John Fetterman, who also sits on the Commerce Committee, reported purchasing up to $15,000 in Google stock apparently on behalf of one of his children.
Senator Boozman, who does not sit on the committee, also reported making AI-related stock purchases with his wife in May which totaled up to $75,000.
While the AI moratorium was pulled from the Senate version of the bill after passing the House, the fact remains that senators were purchasing stocks in companies lobbying for deregulation of the AI industry.
Only a comprehensive ban on congressional stock trading could fully put these types of concerns to rest. That’s why CREW is fighting for that ban, and more ethics reforms that would ensure our elected officials are working for the people. Please donate now to support our fight for an ethical and transparent government→ [[link removed]]
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