Responsible Financial Innovation Act, Sec. 1001 ("EOP Appropriations")

Proposed 2023-07-12 | Official source

Summary

Authorize appropriations for AI-related specialist positions in the Office of Science and Technology Policy and the National Economic Council, each receiving $2.5 million annually from 2023 to 2027, to coordinate federal activities and advise on innovative technologies.

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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's name is Lummis-Gillibrand Responsible Financial Innovation Act, Sec. 1001 ("Executive Office of the President Appropriations"). AGORA also tracks this document under the name Responsible Financial Innovation Act, Sec. 1001 ("EOP Appropriations"). It is part of Responsible Financial Innovation Act.

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Full text

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SEC. 1001. EXECUTIVE OFFICE OF THE PRESIDENT APPROPRIATIONS. (a) Office Of Science And Technology Policy.—For the purposes of hiring specialist positions within the Office of Science and Technology Policy to coordinate Federal activities and advise the President on matters of research and development relating to crypto assets, distributed ledger technology, artificial intelligence and other innovative financial technologies, including funding the position created by section 10671 of 136 Stat. 1688 and coordinating the national research and development strategy required by section 5913 of 136 Stat. 2395, there is authorized to be appropriated to the Executive Office of the President the following: (1) $2,500,000 for fiscal year 2023, to remain available until September 30, 2024. (2) $2,500,000 for fiscal year 2024, to remain available until September 30, 2025. (3) $2,500,000 for fiscal year 2025, to remain available until September 30, 2026. (4) $2,500,000 for fiscal year 2026, to remain available until September 30, 2027. (5) $2,500,000 for fiscal year 2027, to remain available until September 30, 2028.

(b) National Economic Council.—For the purposes of hiring specialist positions within the National Economic Council to coordinate Federal activities and advise the President on matters of financial and economic policy relating to crypto assets, distributed ledger technology, artificial intelligence and other innovative financial technologies, there is authorized to be appropriated to the Executive Office of the President the following: (1) $2,500,000 for fiscal year 2023, to remain available under September 30, 2024. (2) $2,500,000 for fiscal year 2024, to remain available until September 30, 2025. (3) $2,500,000 for fiscal year 2025, to remain available until September 30, 2026. (4) $2,500,000 for fiscal year 2026, to remain available until September 30, 2027. (5) $2,500,000 for fiscal year 2027, to remain available until September 30, 2028.