S.4870, A bill to require reports on artificial intelligence regulation in the financial services industry.

Proposed 2024-07-30 | Official source

Summary

Require federal financial agencies to report to Congress on AI knowledge gaps, usage, governance standards, regulatory needs, interagency issues, and resource requirements within 90 days. Exclude confidential supervisory and nonpublic information from reports.

This summary is awaiting validation (peer review by a second AGORA editor).

Key facts

🏛️ This document was proposed and/or enacted by the United States Congress but is now defunct. For authoritative text and metadata, visit the official source.

🎯 This document primarily applies to the government, rather than the private sector.

📜 This document's name is S.4870, A bill to require reports on artificial intelligence regulation in the financial services industry..

Themes AI risks, applications, governance strategies, and other themes addressed in AGORA documents.

Thematic tags for this document are awaiting validation (peer review by a second AGORA editor).

Risk factors (1)

Reliability: Robustness This tag applies to documents that address an AI system's ability to function as intended under unexpected or unusual circumstances, such as when encountering adversarial inputs or data outside the training distribution.

Governance strategies (2)

Full text

This is an unofficial copy. The document has been archived and reformatted in plaintext for AGORA. Footnotes, tables, and similar material may be omitted. For the official text, visit the original source.
Thematic tags for this document are awaiting validation (peer review by a second AGORA editor).

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.