I 

118TH CONGRESS 

2D SESSION H. R. 10263 

To require the Federal financial agencies to carry out a study and report 

on standardized descriptions for vendor-provided artificial intelligence 

systems, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 26, 2024 

Ms. WATERS introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the Federal financial agencies to carry out a 

study and report on standardized descriptions for vendorprovided artificial intelligence systems, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Responsible AI Disclo5 sure Act of 2024’’. 


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1 SEC. 2. STUDY AND REPORT ON STANDARDIZED DESCRIP2 TION FOR VENDOR-PROVIDED ARTIFICIAL IN3 TELLIGENCE SYSTEMS. 

4 (a) STUDY.—The heads of each covered agency may 

5 coordinate with other covered agencies and consult with 

6 other relevant Government agencies to carry out a study 

7 that— 

8 (1) establishes current and recommended defini9 tions and standards for categorizing artificial intel10 ligence data and methodologies used to train artifi11 cial intelligence models that are commonly utilized 

12 by regulated entities; 

13 (2) assesses current and recommended practices 

14 for regulated entities and vendors to identify data 

15 used to train artificial intelligence models that are 

16 utilized by regulated entities; 

17 (3) assesses current and recommended stand18 ards for the delineation and ratios of synthetic 

19 versus genuine data in the training of artificial intel20 ligence models; 

21 (4) identifies the sources of such data; 

22 (5) assesses how such models are designed and 

23 function, including how the data submitted to such 

24 models are incorporated and other ways in which the 

25 data is typically used; and 


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1 (6) examines best practices for complying with 

2 applicable Federal laws and regulations, including 

3 anti-discrimination, consumer protection, and inves4 tor protection requirements with respect to internal 

5 or vendor-provided artificial intelligence systems uti6 lized by regulated entities. 

7 (b) REPORT.—Not later than the end of the 6-month 

8 period beginning on the date of the enactment of this Act, 

9 the heads of each covered agency shall issue a report to 

10 the Committee on Financial Services of the House of Rep11 resentatives and the Committee on Banking, Housing, and 

12 Urban Affairs of the Senate that contains— 

13 (1) all findings and determinations made in car14 rying out the study required under subsection (a); 

15 and 

16 (2) recommendations on whether Federal stat17 utes, regulations, guidance, orders, supervisory prac18 tices, or any other administrative actions should be 

19 revised with regard to the disclosures and standard20 ized descriptions of vendor-provided artificial intel21 ligence systems. 

22 (c) EXISTING AUTHORITY.—After the issuance of the 

23 report required under subsection (b), each covered agency 

24 shall, if the agency determines it appropriate and deterVerDate Sep 11 2014 02:00 Dec 07, 2024 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H10263.IH H10263

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1 mines the agency has the authority to act under another 

2 provision of law, require— 

3 (1) regulated entities and vendors providing ar4 tificial intelligence systems to regulated entities to— 

5 (A) report to the covered agency— 

6 (i) how the entity or vendor identifies 

7 data used to train artificial intelligence 

8 models; 

9 (ii) the delineation and ratios of syn10 thetic versus genuine data in the training 

11 of artificial intelligence models; 

12 (iii) the sources of such data; or 

13 (iv) how such models are designed and 

14 function, including how the data submitted 

15 to such models are incorporated and other 

16 ways in which the data is typically used; or 

17 (B) disclose all or part of the information 

18 described under subparagraph (A) to the public 

19 in such form as the covered agency determines 

20 appropriate; or 

21 (2) vendors seeking to provide artificial intel22 ligence systems to regulated entities to provide the 

23 regulated entities with a standardized disclosure, as 

24 determined by the covered agency, with information 


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1 described in paragraph (1)(A) for each artificial in2 telligence model the regulated entity seeks to utilize. 

3 (d) SENSE OF CONGRESS.—It is the sense of the 

4 Congress that a covered agency that determines the re5 quirements described under subsection (c) are needed 

6 should not wait to implement such requirements until 

7 after the issuance of the report under subsection (b). 

8 (e) DEFINITIONS.—In this section: 

9 (1) COVERED AGENCY.—The term ‘‘covered 

10 agency’’ means the Board of Governors of the Fed11 eral Reserve System, the Bureau of Consumer Fi12 nancial Protection, the Federal Deposit Insurance 

13 Corporation, the Office of the Comptroller of the 

14 Currency, the National Credit Union Administra15 tion, and the Securities and Exchange Commission. 

16 (2) REGULATED ENTITY.—With respect to a 

17 covered agency, the term ‘‘regulated entity’’ 

18 means— 

19 (A) an entity with respect to which the 

20 covered agency is the primary financial regu21 latory agency (as defined under section 2 of the 

22 Dodd-Frank Wall Street Reform and Consumer 

23 Protection Act); 

24 (B) a State credit union or a Federal cred25 it union (as such terms are defined, respecVerDate Sep 11 2014 02:00 Dec 07, 2024 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H10263.IH H10263

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1 tively, under section 101 of the Federal Credit 

2 Union Act), with respect to the National Credit 

3 Union Administration; and 

4 (C) a covered person (as defined under sec5 tion 1002 of the Consumer Financial Protection 

6 Act of 2010), with respect to the Bureau of 

7 Consumer Financial Protection. 

Æ 


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