Originally posted on Squire Patton Boggs’ Capital Thinking blog by David Stewart, Ludmilla Kasulke and Dominic Braithwaite.

On March 11, 2024, US President Joe Biden released his Fiscal Year (FY) 2025 budget request, which included proposals on U.S. Artificial Intelligence (AI) development and efforts to implement the Biden Administration’s Executive Order (EO) on AI. The budget identifies the National Science Foundation (NSF) as central to U.S. leadership in AI, requesting $10.2 billion in funding for the agency. $2 billion of that total would be dedicated to research and development (R&D) in accordance with CHIPS Act priorities, including AI, and $30 million would support the National AI Research Resource pilot program. The budget also requests $65 million for the Commerce Department “to safeguard, regulate, and promote AI, including protecting the American public against its societal risks.” This funding would include directing the National Institute of Standards and Technology (NIST) to establish the U.S. AI Safety Institute. The institute would be responsible for operationalizing “NIST’s AI Risk Management Framework by creating guidelines, tools, benchmarks, and best practices for evaluating and mitigating dangerous capabilities and conducting evaluations including red-teaming to identify and mitigate AI risk.” Further, the Department of Energy (DOE) Office of Science, which is responsible for implementing aspects of both the CHIPS Act and the AI EO, would receive $8.6 billion under the President’s proposed budget.