[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4870 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4870

    To require reports on artificial intelligence regulation in the 
                      financial services industry.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 30, 2024

  Mr. Rounds (for himself, Mr. Schumer, Mr. Heinrich, and Mr. Young) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To require reports on artificial intelligence regulation in the 
                      financial services industry.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPORT ON ARTIFICIAL INTELLIGENCE REGULATION IN FINANCIAL 
              SERVICES INDUSTRY.

    (a) In General.--Not later than 90 days after the date of enactment 
of this Act, each of the Board of Governors of the Federal Reserve 
System, the Federal Deposit Insurance Corporation, the Office of the 
Comptroller of the Currency, the National Credit Union Administration, 
and the Bureau of Consumer Financial Protection shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives a 
report on the gap in knowledge of the agency relating to artificial 
intelligence, including an analysis on--
            (1) which tasks are most frequently being assisted or 
        completed with artificial intelligence in the institutions the 
        agency regulates;
            (2) current governance standards in place for artificial 
        intelligence use at the agency and current standards in place 
        for artificial intelligence oversight by the agency;
            (3) potentially additional regulatory authorities required 
        by the agency to continue to successfully execute the mission 
        of the agency;
            (4) where artificial intelligence may lead to overlapping 
        regulatory issues between agencies that require clarification;
            (5) how the agency is currently using artificial 
        intelligence, how the agency plans to use such artificial 
        intelligence the next 3 years, and the expected impact, 
        including fiscal and staffing, of those plans; and
            (6) what resources, monetary or other resources, if any, 
        the agency requires to both adapt to the changes that 
        artificial intelligence will bring to the regulatory landscape 
        and to adequately adopt and oversee the use of artificial 
        intelligence across the operations described in paragraph (5).
    (b) Rule of Construction.--Nothing in this section may be construed 
to require an agency to include confidential supervisory information or 
predecisional or deliberative nonpublic information in a report under 
this section.
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