Publications

China was the world’s largest investor in productive capital in 2024, investing $11.9 trillion when adjusted for purchasing power parity (PPP), equivalent to 31 percent of gross domestic product (GDP). In comparison, the United States invested just $5.1 trillion, or 17 percent of GDP.

The temporary shutdown of Anthropic's Fable 5 and Mythos 5 highlighted the uncertainty surrounding the government's authority to restrict access to frontier AI models and the costs that uncertainty can impose on innovation and trust. To provide greater clarity for developers, customers, and allies, Congress should establish a transparent statutory framework for AI shutdown authority with clear standards and proportionate safeguards.

Montgomery County’s new data center moratorium will do little for the environment, but plenty to weaken growth, deter investment, and undermine the infrastructure powering AI.

As Congress considers a national data privacy standard, the SECURE Data Act represents a significant shift from earlier proposals. This comparison examines how it differs from the American Privacy Rights Act and the American Data Privacy and Protection Act and why those differences matter for consumers, businesses, and innovation.

Taken together with dozens of other fines the EU has imposed on American tech firms, last week’s action against Google was further confirmation that the DMA functions less as a competition tool than as an extractive mechanism. The difference this time is that the Trump administration sent a clear signal it won’t stand for this anymore.

Rather than resort to heavy-handed content and price regulation to address nonexistent market failures, the CMA should follow the lead of the United States and rely on a tried-and-true, ex post law enforcement framework to address concerns about anticompetitive behavior associated with anti-steering practices by Apple and Google.

Adversarial AI distillation poses a growing threat to U.S. AI leadership and national security, and Congress is right to address it through the Deterring American AI Model Theft Act (DAAMTA). But before passing the bill, lawmakers should narrow its scope, strengthen evidentiary standards, protect legitimate research, and pair it with technical safeguards and international cooperation to better combat large-scale AI model theft without hindering innovation.

Waiting for the next Congress is the wrong approach. Because neither party can pass a federal privacy law without bipartisan support, lawmakers should build on the SECURE Data Act's bipartisan, state-tested framework to enact a national privacy law that protects consumers and the economy.

The era of free trade globalization is over. To replace it, the United States should lead a new class of binding deals with allies, with a dual objective of strengthening allied national economic power industries and weakening China’s.

Applying Most Favored Nation pricing to both Medicare and Medicaid—requiring U.S. prices for drugs that have already been launched to equal the lowest prices among a group of peer countries—is estimated to reduce U.S. pharmaceutical revenues by 49 percent and global pharmaceutical revenues by 31 percent.