Preventing Deep Fake Scams Act
The source supplies the latest action, but no lifecycle stage.
Latest action (28 Sep 2023): Referred to the House Committee on Financial Services.
What this bill does
The proposed bill, H.R. 5808, known as the "Preventing Deep Fake Scams Act," would establish a new task force to study the use of artificial intelligence in the financial services sector. This task force would be composed of representatives from key financial regulatory bodies, including the Department of the Treasury, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.
The task force's primary duty would be to issue a report to Congress within one year of the bill's enactment. This report would detail how banks and credit unions currently prevent fraud involving artificial intelligence, outline best practices for financial institutions to safeguard their customers, and provide recommendations for future legislation and regulations. The task force would also consult with industry experts and the public to gather information for its report.
This bill was introduced in the House of Representatives on September 28, 2023, and is currently in committee. If passed by the House and subsequently the Senate, it would move to the President for consideration. The task force would be dissolved 90 days after submitting its final report.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Preventing Deep Fake Scams Act
This bill establishes the Task Force on Artificial Intelligence in the Financial Services Sector. Members include representatives from the Department of the Treasury, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The task force must report on (1) how banks and credit unions prevent fraud that utilizes artificial intelligence, (2) best practices for financial institutions to protect their customers, and (3) related legislative and regulatory recommendations.
Timeline
28 Sep 2023
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 5808 do?
- The proposed bill, H.R. 5808, known as the "Preventing Deep Fake Scams Act," would establish a new task force to study the use of artificial intelligence in the financial services sector. This task force would be composed of representatives from key financial regulatory bodies, including the Department of the Treasury, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The task force's primary duty would be to issue a report to Congress within one year of the bill's enactment. This report would detail how banks and credit unions currently prevent fraud involving artificial intelligence, outline best practices for financial institutions to safeguard their customers, and provide recommendations for future legislation and regulations. The task force would also consult with industry experts and the public to gather information for its report. This bill was introduced in the House of Representatives on September 28, 2023, and is currently in committee. If passed by the House and subsequently the Senate, it would move to the President for consideration. The task force would be dissolved 90 days after submitting its final report.
- Has H.R. 5808 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 5808. Check the latest action and official source below.
- Who sponsored H.R. 5808?
- H.R. 5808 was sponsored by Rep. Pettersen, Brittany [D-CO-7] (D-CO), with 10 cosponsors.
- What's the latest action on H.R. 5808?
- Referred to the House Committee on Financial Services. (28 Sep 2023).
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