Loading bill breakdown…
H.R. 4801119th CongressFinance and Financial Sector
Unleashing AI Innovation in Financial Services Act
Sponsored by Rep. J. French Hill (R-AR) · 3 active : 1 Republican, 2 Democrats
Latest action: Placed on the Union Calendar, Calendar No. 619.
Where it standsBefore the House34 representatives score as swing votes
Hasn’t passed either chamber
- House: next
- Senate: not yet
- President: not yet
Summary
, via Congress.govUnleashing AI Innovation in Financial Services Act
This bill allows regulated financial entities to test artificial intelligence (AI) projects under waived or modified regulations upon the approval of an application by the appropriate federal financial regulatory agency. These agencies must establish AI innovation labs to enable such projects.
Read full summaryHide full summary
Under the bill, regulated entities may engage in AI test projects associated with financial products, services, or activities. Regulated entities must apply to the appropriate agency with a description and proposed duration of the AI test project, propose an alternative compliance strategy, and explain how the AI test project serves the public interest and does not present certain risks.
The alternative compliance strategy must include several elements, such as (1) identifying a regulation issued by an agency that the regulated entity requests to be waived or modified and (2) proposing an alternative method of compliance with the regulation's underlying statute. Upon approval, the agency may only enforce such a regulation according to the agreement.
The bill also provides for agency review of such applications, establishes procedures for entities that are subject to regulation by multiple agencies, and allows agencies to file for injunctive relief if an AI test project presents certain risks or dangers.
Committees and subjects
Committees
- House Committee on Financial Services · HouseReported by · Markup by · Referred to
Subjects
- Advanced technology and technological innovations
- Advisory bodies
- Banking and financial institutions regulation
- Computers and information technology
- Data collection, sharing, protection
- Financial services and investments
- Licensing and registrations
- Performance measurement
- Research and development
How the Senate breaks down
- 7Swing 70–100
- 65Middle 30–70
- 28Entrenched 0–30
Members fall into . All 100 senators have enough data to score. The bill is not before the Senate right now; these scores show where members would stand.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v2Bars show each input from 0 to 100: ideology gap, scorecard gap, . is the seat’s partisan lean, and shows how much of the input data a score has.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
3 activeShow all 3 cosponsors
- Bryan Steil (R-WI-1)
- Josh Gottheimer (D-NJ-5)
- Ritchie Torres (D-NY-15)
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
