AI Act of 2024

house

senate

president

Legislation Details

Requires financial regulators to conduct studies on the benefits and risks of artificial intelligence (AI) in the financial sector.
Mandates reports from various regulatory bodies, including the Federal Reserve, FDIC, and SEC, within 180 days of enactment.
Reports must examine:
- Realized and potential benefits and risks of AI in banking, securities, housing, and national security contexts.
- Current use cases of AI and areas where AI could be beneficial but is not currently utilized.
- Challenges in leveraging AI and retaining staff with AI expertise.
Each report should include regulatory proposals and legislative recommendations to support responsible AI adoption.
Agencies are required to seek public input to inform their reports.
Defines “banking institution” and outlines the scope of AI as per existing legislation.

Requires financial regulators to conduct studies on the benefits and risks of artificial intelligence (AI) in the financial sector.
Mandates reports from various regulatory bodies, including the Federal Reserve, FDIC, and SEC, within 180 days of enactment.
Reports must examine:
- Realized and potential benefits and risks of AI in banking, securities, housing, and national security contexts.
- Current use cases of AI and areas where AI could be beneficial but is not currently utilized.
- Challenges in leveraging AI and retaining staff with AI expertise.
Each report should include regulatory proposals and legislative recommendations to support responsible AI adoption.
Agencies are required to seek public input to inform their reports.
Defines “banking institution” and outlines the scope of AI as per existing legislation.