Unleashing AI Innovation in Financial Services Act
The source supplies the latest action, but no lifecycle stage.
Latest action (6 Aug 2024): Referred to the House Committee on Financial Services.
What this bill does
H.R. 9309, the "Unleashing AI Innovation in Financial Services Act," would direct financial regulatory agencies to establish "regulatory sandboxes." These sandboxes would allow regulated financial entities to test new products or services that substantially use artificial intelligence (AI). Participants would be able to experiment with AI applications without the immediate expectation of enforcement actions for violating certain regulations, provided they submit an application outlining their project, an alternative compliance strategy, and demonstrate benefits such as improved consumer access or efficiency, without posing systemic risk.
This bill affects regulated financial entities, such as banks, credit unions, and companies overseen by the Securities and Exchange Commission or the Bureau of Consumer Financial Protection. It would allow these entities to apply to test AI-driven financial products or services. The agencies themselves would be responsible for reviewing these applications and establishing the rules for these sandboxes.
The bill was introduced in the House of Representatives on August 6, 2024, and was referred to the Committee on Financial Services. As it has just been introduced, it has not yet been voted on by the committee or the full House, and therefore has no further legislative action scheduled at this time. The sponsor is Rep. French Hill, a Republican from Arkansas.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
6 Aug 2024
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 9309 do?
- H.R. 9309, the "Unleashing AI Innovation in Financial Services Act," would direct financial regulatory agencies to establish "regulatory sandboxes." These sandboxes would allow regulated financial entities to test new products or services that substantially use artificial intelligence (AI). Participants would be able to experiment with AI applications without the immediate expectation of enforcement actions for violating certain regulations, provided they submit an application outlining their project, an alternative compliance strategy, and demonstrate benefits such as improved consumer access or efficiency, without posing systemic risk. This bill affects regulated financial entities, such as banks, credit unions, and companies overseen by the Securities and Exchange Commission or the Bureau of Consumer Financial Protection. It would allow these entities to apply to test AI-driven financial products or services. The agencies themselves would be responsible for reviewing these applications and establishing the rules for these sandboxes. The bill was introduced in the House of Representatives on August 6, 2024, and was referred to the Committee on Financial Services. As it has just been introduced, it has not yet been voted on by the committee or the full House, and therefore has no further legislative action scheduled at this time. The sponsor is Rep. French Hill, a Republican from Arkansas.
- Has H.R. 9309 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 9309. Check the latest action and official source below.
- Who sponsored H.R. 9309?
- H.R. 9309 was sponsored by Rep. Hill, J. French [R-AR-2] (R-AR), with 1 cosponsor.
- What's the latest action on H.R. 9309?
- Referred to the House Committee on Financial Services. (6 Aug 2024).
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