AI PLAN Act
The source supplies the latest action, but no lifecycle stage.
Latest action (21 Mar 2024): Referred to the House Committee on Financial Services.
What this bill does
H.R. 7781, the AI PLAN Act, would direct the federal government to study and report on risks posed by artificial intelligence being used to commit financial crimes. It states Congress's view that AI-enabled financial crime by adversarial actors threatens U.S. national and economic security. The bill requires the Secretaries of the Treasury, Homeland Security, and Commerce—consulting with officials including the U.S. Trade Representative, Attorney General, Federal Reserve Chairman, and NIST Director—to jointly submit a report to Congress within 180 days of enactment, and annually thereafter. The report must describe interagency policies to protect U.S. markets, businesses, and supply chains, and itemize resources needed to combat AI-driven financial crime, while addressing specific risks such as deepfakes, voice cloning, election interference, synthetic identities, and market manipulation. Within 90 days of each report, the agencies must also submit legislative recommendations and best practices for risk mitigation.
The bill primarily affects federal agencies, which would take on new reporting and coordination duties, and indirectly affects businesses, financial markets, and consumers who could benefit from resulting policy guidance. It does not create new crimes, regulations, or penalties itself.
Introduced March 21, 2024, by Rep. Zach Nunn with Rep. Abigail Spanberger, the bill was referred to the House Committee on Financial Services. It did not receive a vote and did not advance during the 118th Congress.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Artificial Intelligence Practices, Logistics, Actions, and Necessities Act or the AI PLAN Act
This bill requires the Department of the Treasury, the Department of Homeland Security (DHS), and the Department of Commerce (DOC) to submit a report that discusses the national and economic security risks posed by the use of artificial intelligence in the commission of financial crimes and a list of resources needed by federal agencies to combat these risks. The report must consider the risks of deepfakes, voice cloning, foreign election interference, synthetic identities, false flags, and general digital fraud.
After submission of this report, Treasury, DHS, and DOC must make recommendations for legislation and best practices for businesses and government entities to address these risks.
Timeline
21 Mar 2024
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 7781 do?
- H.R. 7781, the AI PLAN Act, would direct the federal government to study and report on risks posed by artificial intelligence being used to commit financial crimes. It states Congress's view that AI-enabled financial crime by adversarial actors threatens U.S. national and economic security. The bill requires the Secretaries of the Treasury, Homeland Security, and Commerce—consulting with officials including the U.S. Trade Representative, Attorney General, Federal Reserve Chairman, and NIST Director—to jointly submit a report to Congress within 180 days of enactment, and annually thereafter. The report must describe interagency policies to protect U.S. markets, businesses, and supply chains, and itemize resources needed to combat AI-driven financial crime, while addressing specific risks such as deepfakes, voice cloning, election interference, synthetic identities, and market manipulation. Within 90 days of each report, the agencies must also submit legislative recommendations and best practices for risk mitigation. The bill primarily affects federal agencies, which would take on new reporting and coordination duties, and indirectly affects businesses, financial markets, and consumers who could benefit from resulting policy guidance. It does not create new crimes, regulations, or penalties itself. Introduced March 21, 2024, by Rep. Zach Nunn with Rep. Abigail Spanberger, the bill was referred to the House Committee on Financial Services. It did not receive a vote and did not advance during the 118th Congress.
- Has H.R. 7781 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 7781. Check the latest action and official source below.
- Who sponsored H.R. 7781?
- H.R. 7781 was sponsored by Rep. Nunn, Zachary [R-IA-3] (R-IA), with 4 cosponsors.
- What's the latest action on H.R. 7781?
- Referred to the House Committee on Financial Services. (21 Mar 2024).
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