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Witnesses tell Joint Economic Committee that cutting regulatory burden, updating R&D tax rules and using AI could boost U.S. manufacturing
Summary
At a Joint Economic Committee hearing, a committee member and two witnesses discussed how regulatory burden, research-and-development tax treatment and artificial intelligence could affect domestic manufacturing competitiveness and supply chains.
A committee member at a Joint Economic Committee hearing pressed witnesses Tuesday on whether reducing regulatory burdens, changing tax treatment for research and development and adopting new technologies such as artificial intelligence could help spur more domestic manufacturing and reduce reliance on foreign producers.
The committee member said U.S. production has moved overseas and said, “we can't allow things like semiconductors to be, an area where we're dependent on somebody else.” The lawmaker asked witnesses about how regulatory accumulation and tax policy affect private investment in research and development and about the potential for AI to increase factory productivity.
Dr. McLaughlin, a witness who presented a study on regulation and growth, told the…
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