A bill to require reports on artificial intelligence regulation in the financial services industry.
The source supplies the latest action, but no lifecycle stage.
Latest action (30 Jul 2024): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
S. 4870 would direct five federal financial regulators—the Federal Reserve Board, the FDIC, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Consumer Financial Protection Bureau—to each submit a report to Congress within 90 days of the bill becoming law. These reports would examine gaps in each agency's knowledge about artificial intelligence, including how AI is being used by regulated institutions, current governance and oversight standards, whether additional regulatory authority is needed, areas of potential overlap between agencies, planned AI use over the next three years and its expected costs and staffing impact, and what resources the agency would need to adapt to AI-related changes. Agencies would not be required to disclose confidential supervisory or deliberative information.
The bill would primarily affect the named regulatory agencies, requiring them to study and report on their AI-related capabilities and needs. Indirectly, it could affect banks, credit unions, and other financial institutions regulated by these agencies, since the reports focus on AI use within the industry these agencies oversee. Congress, particularly the Senate Banking Committee and House Financial Services Committee, would be the direct recipient of the information.
The bill was introduced on July 30, 2024, by Senator Mike Rounds with bipartisan co-sponsors, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. It did not receive a vote before the end of the 118th Congress, meaning it did not become law and would need to be reintroduced in a future Congress to be considered again.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
30 Jul 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 4870 do?
- S. 4870 would direct five federal financial regulators—the Federal Reserve Board, the FDIC, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Consumer Financial Protection Bureau—to each submit a report to Congress within 90 days of the bill becoming law. These reports would examine gaps in each agency's knowledge about artificial intelligence, including how AI is being used by regulated institutions, current governance and oversight standards, whether additional regulatory authority is needed, areas of potential overlap between agencies, planned AI use over the next three years and its expected costs and staffing impact, and what resources the agency would need to adapt to AI-related changes. Agencies would not be required to disclose confidential supervisory or deliberative information. The bill would primarily affect the named regulatory agencies, requiring them to study and report on their AI-related capabilities and needs. Indirectly, it could affect banks, credit unions, and other financial institutions regulated by these agencies, since the reports focus on AI use within the industry these agencies oversee. Congress, particularly the Senate Banking Committee and House Financial Services Committee, would be the direct recipient of the information. The bill was introduced on July 30, 2024, by Senator Mike Rounds with bipartisan co-sponsors, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. It did not receive a vote before the end of the 118th Congress, meaning it did not become law and would need to be reintroduced in a future Congress to be considered again.
- Has S. 4870 become law?
- The source does not supply a confirmed lifecycle stage for S. 4870. Check the latest action and official source below.
- Who sponsored S. 4870?
- S. 4870 was sponsored by Sen. Rounds, Mike [R-SD] (R-SD), with 3 cosponsors.
- What's the latest action on S. 4870?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (30 Jul 2024).
Related bills in Finance and Financial Sector
Bankruptcy Threshold Adjustment Act
Common Cents Act
To amend title 11, United States Code, to clarify the rules for the exceptions to the discharge of the debt of an individual debtor, and for other purposes.
Fossil Free Finance Act of 2026
More bills from Sen. Rounds, Mike [R-SD]
Gene Murphy Veterans’ Bill of Rights Act of 2026
Portal for Appraisal Licensing Act of 2026
USPS Executive Benefit and Bonus Removal Act
ARCH Act
Bill100 mirrors the public U.S. legislative record from Congress.gov and GovTrack and adds plain-English AI summaries. It is an information tool, not legal, compliance or lobbying advice, and it is not affiliated with the U.S. Congress or any government agency. AI summaries can simplify or omit detail — every bill links to the official source; verify there before you rely on it.