Bipartisan, bicameral legislation would promote artificial intelligence (AI) in financial services.
The Unleashing AI Innovation in Financial Services Act would create regulatory sandboxes for AI test projects at federal financial regulatory agencies.
U.S. Sens. Martin Heinrich (D-NM), Senator Andy Kim (D-NJ), Mike Rounds (R-SD) and Thom Tillis (R-NC) introduced the bill in the Senate. U.S. Reps. Josh Gottheimer (D-NJ); French Hill (R-AR), House Financial Services Committee chairman; Bryan Steil (R-WI), Artificial Intelligence chairman; and Richie Torres (D-NY), Subcommittee on Digital Assets, Financial Technology; introduced the bill in the House.
“When it comes to artificial intelligence, we need smart safeguards in place to protect consumers, prevent abuse, and ensure our families and financial systems are safe,” Gottheimer said. “We also must ensure that the United States continues to lead the world in innovation.”
A bipartisan Working Group on AI released a staff report on its findings in July 2024. In August 2024, the Unleashing AI Innovation in Financial Services Act was introduced in the 118th Congress. A bipartisan, House-wide Task Force on artificial intelligence released a report in December 2024. Last month, the Trump Administration released its Winning the AI Race: America’s AI Action Plan highlighting the importance of enabling AI adoption through regulatory sandboxes.