[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Page S2755]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 662. Mr. ROUNDS submitted an amendment intended to be proposed by 
him to the bill S. 2226, to authorize appropriations for fiscal year 
2024 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. REPORT ON AI 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 its gap in knowledge 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 its 
     mission;
       (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 its 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 pre-decisional or deliberative 
     non-public information in a report under this section.
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