Economic value does not arise simply because information exists. AI models do not become valuable merely because vast quantities of data are available. Their value arises from the creative and highly uncertain process of transforming that information into useful technologies. Attempting to socialize those entrepreneurial returns mistakes the raw material of innovation for the innovation itself.

The Fourth Amendment protects ‘persons, houses, papers, and effects.’ Nothing in that text vanishes because a citizen’s records happen to rest on a company’s servers.

Humphrey's Executor rested on the fiction that the FTC exercised no executive power — a fiction that was strained in 1935 and untenable today. The modern Commission promulgates rules carrying the force of law, prosecutes Americans through in-house adjudications, and sues on behalf of the United States under more than eighty statutes. That is the execution of law, and those who wield it must be accountable to the elected Chief Executive.

While wind and solar technologies will likely play some role in future generation portfolios, policymakers and market participants should resist efforts to force hyperscalers into narrowly prescribed energy strategies that may prove poorly suited for the unique reliability demands of AI infrastructure.

We respectfully urge House and Senate leadership to bring the NDO Fairness Act to the floor without further delay, and we urge President Trump to sign it the moment it reaches his desk. Restoring meaningful judicial review to the federal government’s secret surveillance of Americans’ private communications is among the most basic responsibilities of this Congress, and it is one this Congress can discharge today.

Mises central insight was that markets are governed not by bureaucrats, but by consumers. Producers succeed only by satisfying the preferences of the people they serve. In Human Action, Mises likened the consumer to the captain of a ship: 'The captain is the consumer. Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.' AI is no exception.

The 2024 Final Rule transformed a targeted premerger notification process into a form of universal pre-litigation discovery—imposing substantial costs on thousands of transactions that never raise competitive concerns.