[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10263 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 10263
To require the Federal financial agencies to carry out a study and
report on standardized descriptions for vendor-provided artificial
intelligence systems, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
November 26, 2024
Ms. Waters introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Federal financial agencies to carry out a study and
report on standardized descriptions for vendor-provided artificial
intelligence systems, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Responsible AI Disclosure Act of
2024''.
SEC. 2. STUDY AND REPORT ON STANDARDIZED DESCRIPTION FOR VENDOR-
PROVIDED ARTIFICIAL INTELLIGENCE SYSTEMS.
(a) Study.--The heads of each covered agency may coordinate with
other covered agencies and consult with other relevant Government
agencies to carry out a study that--
(1) establishes current and recommended definitions and
standards for categorizing artificial intelligence data and
methodologies used to train artificial intelligence models that
are commonly utilized by regulated entities;
(2) assesses current and recommended practices for
regulated entities and vendors to identify data used to train
artificial intelligence models that are utilized by regulated
entities;
(3) assesses current and recommended standards for the
delineation and ratios of synthetic versus genuine data in the
training of artificial intelligence models;
(4) identifies the sources of such data;
(5) assesses how such models are designed and function,
including how the data submitted to such models are
incorporated and other ways in which the data is typically
used; and
(6) examines best practices for complying with applicable
Federal laws and regulations, including anti-discrimination,
consumer protection, and investor protection requirements with
respect to internal or vendor-provided artificial intelligence
systems utilized by regulated entities.
(b) Report.--Not later than the end of the 6-month period beginning
on the date of the enactment of this Act, the heads of each covered
agency shall issue a report to the Committee on Financial Services of
the House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate that contains--
(1) all findings and determinations made in carrying out
the study required under subsection (a); and
(2) recommendations on whether Federal statutes,
regulations, guidance, orders, supervisory practices, or any
other administrative actions should be revised with regard to
the disclosures and standardized descriptions of vendor-
provided artificial intelligence systems.
(c) Existing Authority.--After the issuance of the report required
under subsection (b), each covered agency shall, if the agency
determines it appropriate and determines the agency has the authority
to act under another provision of law, require--
(1) regulated entities and vendors providing artificial
intelligence systems to regulated entities to--
(A) report to the covered agency--
(i) how the entity or vendor identifies
data used to train artificial intelligence
models;
(ii) the delineation and ratios of
synthetic versus genuine data in the training
of artificial intelligence models;
(iii) the sources of such data; or
(iv) how such models are designed and
function, including how the data submitted to
such models are incorporated and other ways in
which the data is typically used; or
(B) disclose all or part of the information
described under subparagraph (A) to the public in such
form as the covered agency determines appropriate; or
(2) vendors seeking to provide artificial intelligence
systems to regulated entities to provide the regulated entities
with a standardized disclosure, as determined by the covered
agency, with information described in paragraph (1)(A) for each
artificial intelligence model the regulated entity seeks to
utilize.
(d) Sense of Congress.--It is the sense of the Congress that a
covered agency that determines the requirements described under
subsection (c) are needed should not wait to implement such
requirements until after the issuance of the report under subsection
(b).
(e) Definitions.--In this section:
(1) Covered agency.--The term ``covered agency'' means the
Board of Governors of the Federal Reserve System, the Bureau of
Consumer Financial Protection, the Federal Deposit Insurance
Corporation, the Office of the Comptroller of the Currency, the
National Credit Union Administration, and the Securities and
Exchange Commission.
(2) Regulated entity.--With respect to a covered agency,
the term ``regulated entity'' means--
(A) an entity with respect to which the covered
agency is the primary financial regulatory agency (as
defined under section 2 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act);
(B) a State credit union or a Federal credit union
(as such terms are defined, respectively, under section
101 of the Federal Credit Union Act), with respect to
the National Credit Union Administration; and
(C) a covered person (as defined under section 1002
of the Consumer Financial Protection Act of 2010), with
respect to the Bureau of Consumer Financial Protection.
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