I 

118TH CONGRESS 

1ST SESSION H. R. 5808 

To establish the Task Force on Artificial Intelligence in the Financial Services 

Sector to report to Congress on issues related to artificial intelligence 

in the financial services sector, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 28, 2023 

Ms. PETTERSEN (for herself and Mr. FLOOD) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To establish the Task Force on Artificial Intelligence in 

the Financial Services Sector to report to Congress on 

issues related to artificial intelligence in the financial 

services sector, 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 ‘‘Preventing Deep Fake 

5 Scams Act’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds the following: 


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1 (1) Artificial intelligence is being used in new 

2 and innovative ways by the financial services sector. 

3 (2) Artificial intelligence may provide benefits 

4 to banks, credit unions, and banking consumers. 

5 (3) Artificial intelligence poses unique threats 

6 to the safety and security of customer accounts. 

7 (4) Voice banking is offered by many banks for 

8 security and convenience reasons. 

9 (5) The popularity of social media has made 

10 video and audio of potential targets easier to obtain 

11 for bad actors. These materials can be exploited to 

12 replicate the voices and appearances of other people 

13 in pursuit of data theft, identity theft, or fraud. 

14 (6) Bad actors could utilize ‘‘deep fakes’’, in15 cluding voice and audio manipulation, to compromise 

16 and access a consumer’s financial accounts. 

17 SEC. 3. TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE 

18 FINANCIAL SERVICES SECTOR. 

19 (a) ESTABLISHMENT.—There is established a Task 

20 Force on Artificial Intelligence in the Financial Services 

21 Sector (in this section referred to as the ‘‘Task Force’’). 

22 (b) MEMBERSHIP.—The Task Force shall consist of 

23 the following: 

24 (1) The Secretary of the Treasury, or a des25 ignee, who shall serve as Chair of the Task Force. 


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1 (2) The Comptroller of the Currency, or a des2 ignee. 

3 (3) The Chairman of the Board of Governors of 

4 the Federal Reserve System, or a designee. 

5 (4) The Chairperson of the Federal Deposit In6 surance Corporation, or a designee. 

7 (5) The Director of the Bureau of Consumer 

8 Financial Protection, or a designee. 

9 (6) The Chairman of the National Credit Union 

10 Administration, or a designee. 

11 (7) The Director of the Financial Crimes En12 forcement Network, or a designee. 

13 (c) REPORT.— 

14 (1) IN GENERAL.—Not later than the end of 

15 the 1-year period beginning on the date of enact16 ment of this Act, the Task Force shall issue a report 

17 to Congress containing the contents described in 

18 paragraph (3). 

19 (2) CONSULTATION.— 

20 (A) REQUEST FOR INFORMATION.—Not 

21 later than 90 days after the date of enactment 

22 of this Act, the Task Force shall solicit public 

23 feedback on the report required under para24 graph (1). 


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1 (B) INDUSTRY AND EXPERT STAKE2 HOLDERS.—In developing the report required 

3 under paragraph (1), the Task Force shall seek 

4 out and consult with industry and expert stake5 holders, including— 

6 (i) depository institutions of varying 

7 asset sizes; 

8 (ii) credit unions of varying asset 

9 sizes; 

10 (iii) third-party vendors who use arti11 ficial intelligence when providing services 

12 to depository institutions and credit 

13 unions; and 

14 (iv) artificial intelligence experts. 

15 (3) CONTENTS.—The contents of the report are 

16 the following: 

17 (A) A description of how banks and credit 

18 unions proactively protect themselves and con19 sumers from fraud utilizing artificial intel20 ligence. 

21 (B) A list of standard definitions for the 

22 different manners in which artificial intelligence 

23 is used, including terms like ‘‘generative AI’’, 

24 ‘‘machine learning’’, ‘‘natural language proc25 essing’’, ‘‘algorithmic AI’’, and ‘‘deep fakes’’. 


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1 (C) A description of potential risks that 

2 could result from the use of artificial intel3 ligence by bad actors to steal consumers’ data, 

4 steal consumers’ identities, and commit fraud. 

5 (D) A list of best practices for financial in6 stitutions to protect their customers from at7 tempts to steal consumer data, steal consumers’ 

8 identities, or commit fraud. 

9 (E) Legislative and regulatory rec10 ommendations for the regulation of artificial in11 telligence and to protect consumers from data 

12 theft, identity theft, and fraud. 

13 (d) TERMINATION.—The Task Force shall terminate 

14 90 days after the final report is issued pursuant to sub15 section (c). 

Æ 


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