Unleashing AI Innovation in Financial Services Act
Latest action (13 May 2026): Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.
What this bill does
Generate a neutral, plain-English explanation of what this bill does, who it affects and what happens next — grounded in the official text.
Official summary
Unleashing AI Innovation in Financial Services Act
This bill allows regulated financial entities to test artificial intelligence (AI) projects under waived or modified regulations upon the approval of an application by the appropriate federal financial regulatory agency. These agencies must establish AI innovation labs to enable such projects.
Under the bill, regulated entities may engage in AI test projects associated with financial products, services, or activities. Regulated entities must apply to the appropriate agency with a description and proposed duration of the AI test project, propose an alternative compliance strategy, and explain how the AI test project serves the public interest and does not present certain risks.
The alternative compliance strategy must include several elements, such as (1) identifying a regulation issued by an agency that the regulated entity requests to be waived or modified and (2) proposing an alternative method of compliance with the regulation's underlying statute. Upon approval, the agency may only enforce such a regulation according to the agreement.
The bill also provides for agency review of such applications, establishes procedures for entities that are subject to regulation by multiple agencies, and allows agencies to file for injunctive relief if an AI test project presents certain risks or dangers.
Timeline
13 May 2026
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.
Common questions
- What does H.R. 4801 do?
- Unleashing AI Innovation in Financial Services Act This bill allows regulated financial entities to test artificial intelligence (AI) projects under waived or modified regulations upon the approval of an application by the appropriate federal financial regulatory agency. These agencies must establish AI innovation labs to enable such projects. Under the bill, regulated entities may engage in AI test projects associated with financial products, services, or activities. Regulated entities must apply to the appropriate agency with a description and proposed duration of the AI test project, propose an alternative compliance strategy, and explain how the AI test project serves the public interest and does not present certain risks. The alternative compliance strategy must include several elements, such as (1) identifying a regulation issued by an agency that the regulated entity requests to be waived or modified and (2) proposing an alternative method of compliance with the regulation's underlying statute. Upon approval, the agency may only enforce such a regulation according to the agreement. The bill also provides for agency review of such applications, establishes procedures for entities that are subject to regulation by multiple agencies, and allows agencies to file for injunctive relief if an AI test project presents certain risks or dangers.
- Has H.R. 4801 become law?
- Not yet. As of 13 May 2026, H.R. 4801 is ordered reported.
- Who sponsored H.R. 4801?
- H.R. 4801 was sponsored by Rep. French Hill [R-AR2] (Republican-AR), with 3 cosponsors.
- What's the latest action on H.R. 4801?
- Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19. (13 May 2026).
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