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Sponsored by Rep. J. French Hill (R-AR) · 3 active : 1 Republican, 2 Democrats
Latest action: Placed on the Union Calendar, Calendar No. 619.
Unleashing 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.
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.
Members fall into . 2 representatives don’t have enough data yet and are marked “insufficient data”. Non-voting delegates are not counted.
Bars 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.
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These members have less than half of the model’s inputs, so their scores are not banded or ranked.
Ideology is each member’s score. The cluster low on the chart includes the bill’s 4 sponsor and cosponsors in the House: they have already committed, so they score as entrenched. 2 representatives without a DW-NOMINATE score or with insufficient data are not plotted.
Similar votes count toward swing-v3 in the House: total similarity weight 26.5 (needs 5.0).
