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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10263 Introduced in House (IH)]

<DOC>

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 vendor-provided artificial 
             intelligence systems, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Responsible AI Disclosure Act of 
2024''.

SEC. 2. STUDY AND REPORT ON STANDARDIZED DESCRIPTION FOR VENDOR-
              PROVIDED ARTIFICIAL INTELLIGENCE SYSTEMS.

    (a) Study.--The heads of each covered agency may coordinate with 
other covered agencies and consult with other relevant Government 
agencies to carry out a study that--
            (1) establishes current and recommended definitions and 
        standards for categorizing artificial intelligence data and 
        methodologies used to train artificial intelligence models that 
        are commonly utilized by regulated entities;
            (2) assesses current and recommended practices for 
        regulated entities and vendors to identify data used to train 
        artificial intelligence models that are utilized by regulated 
        entities;
            (3) assesses current and recommended standards for the 
        delineation and ratios of synthetic versus genuine data in the 
        training of artificial intelligence models;
            (4) identifies the sources of such data;
            (5) assesses how such models are designed and function, 
        including how the data submitted to such models are 
        incorporated and other ways in which the data is typically 
        used; and
            (6) examines best practices for complying with applicable 
        Federal laws and regulations, including anti-discrimination, 
        consumer protection, and investor protection requirements with 
        respect to internal or vendor-provided artificial intelligence 
        systems utilized by regulated entities.
    (b) Report.--Not later than the end of the 6-month period beginning 
on the date of the enactment of this Act, the heads of each covered 
agency shall issue a report to the Committee on Financial Services of 
the House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate that contains--
            (1) all findings and determinations made in carrying out 
        the study required under subsection (a); and
            (2) recommendations on whether Federal statutes, 
        regulations, guidance, orders, supervisory practices, or any 
        other administrative actions should be revised with regard to 
        the disclosures and standardized descriptions of vendor-
        provided artificial intelligence systems.
    (c) Existing Authority.--After the issuance of the report required 
under subsection (b), each covered agency shall, if the agency 
determines it appropriate and determines the agency has the authority 
to act under another provision of law, require--
            (1) regulated entities and vendors providing artificial 
        intelligence systems to regulated entities to--
                    (A) report to the covered agency--
                            (i) how the entity or vendor identifies 
                        data used to train artificial intelligence 
                        models;
                            (ii) the delineation and ratios of 
                        synthetic versus genuine data in the training 
                        of artificial intelligence models;
                            (iii) the sources of such data; or
                            (iv) how such models are designed and 
                        function, including how the data submitted to 
                        such models are incorporated and other ways in 
                        which the data is typically used; or
                    (B) disclose all or part of the information 
                described under subparagraph (A) to the public in such 
                form as the covered agency determines appropriate; or
            (2) vendors seeking to provide artificial intelligence 
        systems to regulated entities to provide the regulated entities 
        with a standardized disclosure, as determined by the covered 
        agency, with information described in paragraph (1)(A) for each 
        artificial intelligence model the regulated entity seeks to 
        utilize.
    (d) Sense of Congress.--It is the sense of the Congress that a 
covered agency that determines the requirements described under 
subsection (c) are needed should not wait to implement such 
requirements until after the issuance of the report under subsection 
(b).
    (e) Definitions.--In this section:
            (1) Covered agency.--The term ``covered agency'' means the 
        Board of Governors of the Federal Reserve System, the Bureau of 
        Consumer Financial Protection, the Federal Deposit Insurance 
        Corporation, the Office of the Comptroller of the Currency, the 
        National Credit Union Administration, and the Securities and 
        Exchange Commission.
            (2) Regulated entity.--With respect to a covered agency, 
        the term ``regulated entity'' means--
                    (A) an entity with respect to which the covered 
                agency is the primary financial regulatory agency (as 
                defined under section 2 of the Dodd-Frank Wall Street 
                Reform and Consumer Protection Act);
                    (B) a State credit union or a Federal credit union 
                (as such terms are defined, respectively, under section 
                101 of the Federal Credit Union Act), with respect to 
                the National Credit Union Administration; and
                    (C) a covered person (as defined under section 1002 
                of the Consumer Financial Protection Act of 2010), with 
                respect to the Bureau of Consumer Financial Protection.
                                 <all>
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