AI Summit on American Prosperity: A New Era of Growth

Treasury Secretary Scott Bessent to Keynote Major U.S. AI Summit

U.S. Treasury Secretary Scott Bessent will deliver the keynote address at the inaugural “AI Summit on American Prosperity,” hosted by the newly established Prometheus Initiative on October 21, 2025, in Washington, D.C. The event marks a significant moment in the Biden administration’s push to position the United States as a global leader in artificial intelligence, with a focus on fostering economic growth, innovation, and job creation amid growing global competition.

The summit, sponsored by major technology and financial firms including Palantir, Amazon, Nasdaq, Perplexity, Groq, Reflection AI, IBM, Eightco, BitMine, Ramp, and Davis Polk & Wardwell, is expected to draw hundreds of government officials, industry leaders, and policy experts. Its stated goal is to “spotlight how America’s AI revolution is ushering in a new era of growth and innovation—one that uplifts the American worker and drives prosperity for all,” according to the official invitation.

The Prometheus Initiative and Summit Agenda

The Prometheus Initiative was formed earlier this summer by a coalition of corporate executives and private citizens to advocate for the societal benefits of AI and address concerns around job displacement, disinformation, and regulatory challenges. The group aims to serve as a bridge between the public and private sectors, with plans to host additional events on AI in health, regulation, and other critical areas.

The October 21 summit is timed to coincide with the administration’s deadline to establish and implement a program to promote AI export packages, as outlined in a recent executive order. This underscores the administration’s strategic intent to leverage AI not only for domestic economic gains but also as a tool for global influence and trade.

Confirmed speakers include Jacob Helberg, recently confirmed by the Senate as the State Department’s top economic policy official and former Palantir adviser; Sriram Krishnan, White House senior policy adviser for AI; Paras Malik, Treasury Department chief AI officer; and Shyam Sankar, Palantir chief technology officer. Their participation signals a coordinated effort across federal agencies and the tech industry to align on national AI priorities.

Policy Context and National Strategy

The Biden administration has made AI a cornerstone of its economic and national security agenda, seeking to maintain U.S. technological supremacy amid rapid advances by China and other competitors. The White House’s July “Winning the AI Race” summit saw the unveiling of a comprehensive AI action plan and the signing of executive orders aimed at accelerating AI adoption, research, and workforce development. The upcoming October summit builds on this momentum, with a sharper focus on translating AI innovation into tangible economic benefits for American workers and businesses.

Key policy objectives likely to be addressed include:

• Workforce Transformation: Preparing the American workforce for AI-driven changes in the economy, with an emphasis on reskilling and upskilling initiatives.
• Regulatory Frameworks: Balancing innovation with safeguards against misuse, bias, and privacy violations.
• Global Competitiveness: Promoting U.S. AI exports and setting international standards to ensure American leadership in critical technologies.
• Public-Private Partnerships: Encouraging collaboration between government, academia, and industry to accelerate research and commercialization.

Industry and Economic Implications

The involvement of major technology sponsors—ranging from cloud giants like Amazon to AI startups such as Groq and Perplexity—reflects the broad-based interest in shaping the future of AI policy. Financial institutions are also increasingly investing in AI, particularly in areas like fraud detection, risk management, and customer service, as highlighted by recent industry summits in Europe.

AI’s economic potential is vast, with projections suggesting it could add trillions to global GDP over the next decade. However, realizing this potential requires addressing significant challenges, including ethical concerns, data privacy, and the risk of exacerbating inequality. The Prometheus Initiative’s focus on “prosperity for all” suggests an intention to ensure that AI’s benefits are widely shared, not concentrated among a few tech elites.

International Reactions and Parallel Developments

While the U.S. moves to consolidate its AI leadership, other nations are not standing still. South Korea, for example, recently announced a major AI partnership with BlackRock, with the goal of becoming the “AI capital of Asia.” Such initiatives highlight the global race to harness AI for economic and strategic advantage, increasing the urgency for the U.S. to act decisively.

Challenges and Critical Questions

Despite the optimism, significant hurdles remain:

• Job Displacement: While AI promises to create new jobs, it also threatens to disrupt existing industries and occupations. Effective transition policies will be essential.
• Ethical and Security Risks: AI systems can perpetuate bias, enable disinformation, and pose novel security threats. Robust governance frameworks are needed to mitigate these risks.
• Global Standards: Without international cooperation, competing standards could fragment the global AI ecosystem, hindering interoperability and innovation.

Conclusion

The “AI Summit on American Prosperity” represents a pivotal effort to align national policy, industry innovation, and public interest around the transformative potential of artificial intelligence. With Treasury Secretary Scott Bessent at the helm, the event signals the U.S. government’s commitment to ensuring that AI drives broad-based economic growth, maintains global competitiveness, and addresses societal challenges head-on. As the world watches, the decisions and partnerships forged at this summit could shape the trajectory of AI development—and American prosperity—for decades to come.