Bill > HR1734

This bill establishes a Task Force on Artificial Intelligence in the Financial Services Sector to study and address the growing risks of artificial intelligence (AI) in banking and financial services. The Task Force will be composed of senior representatives from key financial regulatory agencies, including the Treasury, Federal Reserve, FDIC, and others. Within one year of enactment, the Task Force is required to produce a comprehensive report to Congress that covers several crucial areas: how banks and credit unions currently protect against AI-enabled fraud, standard definitions for different types of AI technologies (like generative AI and deep fakes), potential risks of AI misuse by malicious actors, best practices for financial institutions to protect consumers, and recommendations for legislative and regulatory approaches to mitigate AI-related financial threats. The bill acknowledges the dual nature of AI in financial services—recognizing both its potential benefits and significant security risks, particularly around technologies like deep fakes that can replicate voices and appearances to potentially compromise financial accounts. The Task Force will consult with a wide range of stakeholders, including financial institutions of various sizes, third-party AI vendors, and AI experts, and will solicit public feedback before finalizing its report. After submitting the report, the Task Force will dissolve 90 days later.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1734/all-info