On October 17, 2023, bill S.3050 for the Artificial Intelligence Advancement Act of 2023 was introduced to the U.S. Senate and thereafter referred to the Committee on Armed Services. In particular, the bill aims to, among other things: require a report on artificial intelligence (AI) regulation in the financial services industry; establish AI bug bounty programs; require a vulnerability analysis study for AI-enabled military applications; and require a report on data sharing and coordination. Notably, the bill would mandate each of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Cre
News
USA: Bill on AI in financial services industry introduced to Senate
October 20, 2023
Summary
The Artificial Intelligence Advancement Act of 2023, bill S.3050, was introduced to the U.S. Senate on October 17, 2023, and referred to the Committee on Armed Services. It aims to enhance AI regulation in the financial services industry, establish AI bug bounty programs, and conduct a vulnerability analysis for AI in military applications. The bill requires key financial regulatory agencies to report on their AI knowledge gaps, governance standards, and oversight, as well as their current and planned AI usage, including its fiscal and staffing impacts.