[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2117 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2117
To establish the Task Force on Artificial Intelligence in the Financial
Services Sector to report to Congress on issues related to artificial
intelligence in the financial services sector, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 18, 2025
Mr. Husted (for himself and Mr. Warnock) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To establish the Task Force on Artificial Intelligence in the Financial
Services Sector to report to Congress on issues related to artificial
intelligence in the financial services sector, 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 ``Preventing Deep Fake Scams Act''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Artificial intelligence is being used in new and
innovative ways by the financial services sector.
(2) Artificial intelligence may provide benefits to banks,
credit unions, and banking consumers.
(3) Artificial intelligence poses unique threats to the
safety and security of customer accounts.
(4) Voice banking is offered by many banks for security and
convenience reasons.
(5) The popularity of social media has made video and audio
of potential targets easier to obtain for bad actors. These
materials can be exploited to replicate the voices and
appearances of other people in pursuit of data theft, identity
theft, or fraud.
(6) Bad actors could utilize deep fakes, including voice
and audio manipulation, to compromise and access the financial
accounts of a consumer.
SEC. 3. TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE FINANCIAL SERVICES
SECTOR.
(a) Establishment.--There is established a Task Force on Artificial
Intelligence in the Financial Services Sector (in this section referred
to as the ``Task Force'').
(b) Membership.--The Task Force shall consist of the following:
(1) The Secretary of the Treasury, or a designee, who shall
serve as Chair of the Task Force.
(2) The Comptroller of the Currency, or a designee.
(3) The Chairman of the Board of Governors of the Federal
Reserve System, or a designee.
(4) The Chairperson of the Federal Deposit Insurance
Corporation, or a designee.
(5) The Director of the Bureau of Consumer Financial
Protection, or a designee.
(6) The Chairman of the National Credit Union
Administration, or a designee.
(7) The Director of the Financial Crimes Enforcement
Network, or a designee.
(c) Report.--
(1) In general.--Not later than the end of the 1-year
period beginning on the date of enactment of this Act, the Task
Force shall submit to Congress a report containing the contents
described in paragraph (3).
(2) Consultation.--
(A) Request for information.--Not later than 90
days after the date of enactment of this Act, the Task
Force shall solicit public feedback on the report
required under paragraph (1).
(B) Industry and expert stakeholders.--In
developing the report required under paragraph (1), the
Task Force shall seek out and consult with industry and
expert stakeholders, including--
(i) depository institutions of varying
asset sizes;
(ii) credit unions of varying asset sizes;
(iii) third-party vendors who use
artificial intelligence when providing services
to depository institutions and credit unions;
and
(iv) artificial intelligence experts.
(3) Contents.--The contents of the report described in this
paragraph are as follows:
(A) A description of how banks and credit unions
proactively protect themselves and consumers from fraud
utilizing artificial intelligence.
(B) A list of standard definitions for the
different manners in which artificial intelligence is
used, including terms like ``generative AI'', ``machine
learning'', ``natural language processing'',
``algorithmic AI'', and ``deep fakes''.
(C) A description of potential risks that could
result from the use of artificial intelligence by bad
actors to steal data and identities of consumers and
commit fraud.
(D) A list of best practices for financial
institutions to protect their customers from attempts
to steal data and identities of consumers or commit
fraud.
(E) Legislative and regulatory recommendations for
the regulation of artificial intelligence and to
protect consumers from data theft, identity theft, and
fraud.
(d) Termination.--The Task Force shall terminate on the date that
is 90 days after the date on which the final report is issued pursuant
to subsection (c).
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