Bill > S2117

This bill establishes a Task Force on Artificial Intelligence in the Financial Services Sector to investigate and report on the use of AI in banking and finance. The task force will be composed of high-level 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 submit a comprehensive report to Congress that covers how banks and credit unions protect against AI-enabled fraud, provides standard definitions for different types of AI technologies (like generative AI and machine learning), describes potential risks of AI misuse by bad actors, lists best practices for financial institutions to protect customers, and offers legislative and regulatory recommendations for AI oversight. Prior to drafting the report, the task force must solicit public feedback and consult with a wide range of stakeholders, including banks of different sizes, credit unions, AI service vendors, and AI experts. The bill recognizes that while AI can provide benefits to financial institutions and consumers, it also poses significant risks such as voice manipulation, deep fakes, and potential data and identity theft. The task force will automatically terminate 90 days after submitting its final report to Congress.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2117/all-info