It is not yet clear exactly what economic policy focus a Biden/Harris administration will have if Kamala Harris becomes the Democratic nominee or wins in November.
But there's one concern in the business world that clearly intrigues her: artificial intelligence.
The current vice president has been dubbed Joe Biden's “AI czar” and has been at the center of the White House's efforts on an issue that is likely to be of greatest concern to the next president, whether he's a Democrat like Harris or a Republican like Donald Trump.
Vice President Harris helped shape the approach and was on stage when Biden signed a sweeping AI executive order last October, launching a government-wide effort to use Washington's powers to ensure AI systems are secure for years to come.
Harris's record on technology is expected to be one of many things that will come under intense scrutiny in the coming days, as she has quickly emerged as the front-runner for the Democratic nomination after Biden wrapped up his campaign rally on Sunday afternoon.
While the formal process to remove Biden as the presidential candidate has yet to be finalized, the Biden campaign has already changed its name to “Harris for President” and has received an outpouring of support from party officials and donors.
“What Joe Biden has accomplished over the past three years is unparalleled in modern history,” Harris said Monday, as she spearheaded Biden's campaign at an NCAA sports event at the White House.
Ms. Harris has risen to prominence in San Francisco politics alongside the tech giants in nearby Silicon Valley, and her ties to the region could help her secure additional donations and support. LinkedIn co-founder Reid Hoffman was quick to endorse Ms. Harris, as was Mr. Hoffman's former colleague, Dmitry Melhorn, who is likely to remain influential in tech circles.
“I can't wait to help elect Harris as president,” he said in a note to Yahoo Finance.
Other big Democratic donors from the tech industry were more cautious in their comments, but the Harris campaign was quick to tout a flurry of grassroots donations, including nearly $50 million that came in just hours after Biden announced he was stepping down and endorsing Harris.
Harris' overall approach to economic policy is unlikely to differ significantly from Biden's.
“We do not expect a significant policy impact from the transition from Harris to Biden,” Tobin Marcus, U.S. policy director at Wolf Research, wrote in a client note. He added that there is “not much room to move left based on Democratic support for the presidency.”
This also applies to AI, but if Harris overcomes the challenges she faces now and defeats Donald Trump this fall to become the first female president in US history, the issue may become even more of a focus in the coming years.
A stark contrast with President Trump on AI
Harris has returned to AI frequently in recent years.
In a speech in London last November, she highlighted the “full range of AI risks” and argued that governments should play a stronger role.
The speech was a criticism of large corporations, in which Harris said, “In the absence of regulation or strong government oversight, some technology companies choose to put profits above the well-being of their customers, the safety of our communities, and the stability of our democracy.”
But Harris has reached out to business leaders on AI, convening CEOs and helping lead a wave of voluntary business commitments to the Biden administration's plan, with major companies like Adobe (ADBE), IBM (IBM) and Nvidia (NVDA) signing on to the voluntary commitments.
“One might assume that tech would win, given Trump's ties to Silicon Valley from his time as a senator from California, but the question remains whether he would be able to forge the same kind of relationship with the tech sector if he wins the presidential election,” Brian Gardner, Stifel's chief Washington policy strategist, said on Monday, offering a warning to clients.
Either way, her position on the issue stands in contrast to Donald Trump's.
AI was also mentioned in the Republican policy platform, which promised to reverse Joe Biden's approach and replace it with a new one focused on “human flourishing.”
And a recent Washington Post report revealed that Trump's allies are planning to go even further: issuing sweeping executive orders if he wins.
According to reports, the government plans to launch a series of “Manhattan Projects” aimed at developing military technology using AI and deregulating corporations.
Harris has been a vocal opponent, saying government agencies need to be extremely careful with AI.
“The American people have a right to know when and how their government is using AI and that it's being used responsibly,” Harris told reporters during a conference call in March.
How AI will work in upcoming campaigns
The upcoming battle between the two camps could have a direct impact on the 2024 prize race.
When venture capitalists Marc Andreessen and Ben Horowitz recently came out in support of Donald Trump, their main reason was fear that the Democrats would “over-regulate” AI.
Some prominent Democratic tech donors are also refraining from supporting Harris, at least for now.
Netflix co-founder Reed Hastings told The New York Times that “Democratic delegates need to pick the winners of the battleground states,” and while he did not endorse Harris, he promoted an open selection process. Vinod Khosla of Khosla Ventures was quick to agree, adding that “coronations are bad for democracy.”
In her work on AI, Harris has often focused on the intersection of AI with issues such as fairness and discrimination.
“If a young father is wrongfully jailed because of biased AI facial recognition, isn't that an existential issue for his family?” she said in a speech in London, giving other examples of how AI can lead to bias.
Republicans have often derided efforts to introduce social issues into the debate about AI, and the area could become a campaign issue in the coming weeks.
In a charge that will surely be repeated about Harris, the Republican platform charged that Biden's executive order “imposes a radical left-wing ideology on the development of this technology.”
Ben Werschkul is Yahoo Finance's Washington correspondent.
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