#GENIUSActPass

**U.S. Congress Passes GENIUS Act to Boost AI Innovation and Regulation**

*Washington, D.C., June 2024* – In a landmark bipartisan move, the U.S. Congress has passed the **Global Economic and National Innovation in Untapped Systems (GENIUS) Act**, aimed at accelerating American leadership in artificial intelligence while establishing ethical safeguards. The bill allocates $50 billion over five years for AI research, infrastructure, and workforce training, with a focus on maintaining U.S. competitiveness against China and the EU.

Key provisions include:

- **Funding for AI “moonshot” projects** through DARPA and the National Science Foundation.

- **Strict transparency rules** for generative AI systems like ChatGPT.

- **New visa programs** to attract global AI talent.

- **Guardrails against deepfakes** in elections and financial fraud.

Tech giants and startups largely praised the bill, though some privacy advocates criticized its loopholes in data governance. President Biden is expected to sign it into law next week, calling it “a Sputnik moment for the AI age.”