I 
119TH CONGRESS 
1ST SESSION H. R. 1734 
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 
FEBRUARY 27, 2025 
Ms. PETTERSEN (for herself, Mr. FLOOD, Ms. BONAMICI, Mr. FITZPATRICK, 
Ms. OCASIO-CORTEZ, and Mr. HARDER of California) introduced the fol-
lowing 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Preventing Deep Fake 
Scams Act’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
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(1) Artificial intelligence is being used in new 
and innovative ways by the financial services sector. 
(2) Artificial intelligence may provide benefits 
to banks, credit unions, and banking consumers. 
(3) Artificial intelligence poses unique threats 
to the safety and security of customer accounts. 
(4) Voice banking is offered by many banks for 
security and convenience reasons. 
(5) The popularity of social media has made 
video and audio of potential targets easier to obtain 
for bad actors. These materials can be exploited to 
replicate the voices and appearances of other people 
in pursuit of data theft, identity theft, or fraud. 
(6) Bad actors could utilize ‘‘deep fakes’’, in-
cluding voice and audio manipulation, to compromise 
and access a consumer’s financial accounts. 
SEC. 3. TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE 
FINANCIAL SERVICES SECTOR. 
(a) ESTABLISHMENT.—There is established a Task 
Force on Artificial Intelligence in the Financial Services 
Sector (in this section referred to as the ‘‘Task Force’’). 
(b) MEMBERSHIP.—The Task Force shall consist of 
the following: 
(1) The Secretary of the Treasury, or a des-
ignee, who shall serve as Chair of the Task Force. 
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(2) The Comptroller of the Currency, or a des-
ignee. 
(3) The Chairman of the Board of Governors of 
the Federal Reserve System, or a designee. 
(4) The Chairperson of the Federal Deposit In-
surance Corporation, or a designee. 
(5) The Director of the Bureau of Consumer 
Financial Protection, or a designee. 
(6) The Chairman of the National Credit Union 
Administration, or a designee. 
(7) The Director of the Financial Crimes En-
forcement Network, or a designee. 
(c) REPORT.— 
(1) IN GENERAL.—Not later than the end of 
the 1-year period beginning on the date of enact-
ment of this Act, the Task Force shall issue a report 
to Congress containing the contents described in 
paragraph (3). 
(2) CONSULTATION.— 
(A) REQUEST
FOR
INFORMATION.—Not 
later than 90 days after the date of enactment 
of this Act, the Task Force shall solicit public 
feedback on the report required under para-
graph (1). 
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(B) 
INDUSTRY
AND
EXPERT
STAKE-
HOLDERS.—In developing the report required 
under paragraph (1), the Task Force shall seek 
out and consult with industry and expert stake-
holders, including— 
(i) depository institutions of varying 
asset sizes; 
(ii) credit unions of varying asset 
sizes; 
(iii) third-party vendors who use arti-
ficial intelligence when providing services 
to 
depository 
institutions 
and 
credit 
unions; and 
(iv) artificial intelligence experts. 
(3) CONTENTS.—The contents of the report are 
the following: 
(A) A description of how banks and credit 
unions proactively protect themselves and con-
sumers from fraud utilizing artificial intel-
ligence. 
(B) A list of standard definitions for the 
different manners in which artificial intelligence 
is used, including terms like ‘‘generative AI’’, 
‘‘machine learning’’, ‘‘natural language proc-
essing’’, ‘‘algorithmic AI’’, and ‘‘deep fakes’’. 
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