Bill > HR9309

This bill aims to establish "regulatory sandboxes" that would allow regulated financial entities to experiment with artificial intelligence (AI) in financial products and services without the expectation of retroactive enforcement actions. The key provisions of the bill include: 1. Definitions of terms such as "AI test project", "appropriate financial regulatory agency", and "financial product or service". 2. Requirement for each financial regulatory agency to establish a regulatory sandbox program that allows regulated entities to apply to test AI-powered financial products and services. 3. Application process for regulated entities, including the need to propose an alternative compliance strategy and demonstrate that the AI test project would serve the public interest, improve consumer access, and not present systemic or national security risks. 4. Review process for regulatory agencies, with a 90-day timeline to approve or deny applications, and the ability to enforce regulations or statutes only as specified in the approved alternative compliance strategy. 5. Provisions for data security, agency rulemaking, and annual reporting on the outcomes of approved AI test projects. The overall goal of the bill is to facilitate the responsible development and deployment of AI technologies in the financial services industry by providing a regulatory framework that encourages innovation while still maintaining appropriate safeguards.