S.Amdt. 2718

SA 2718. Mr. ROUNDS (for himself, Mr. Schumer, Mr. Heinrich, and Mr.
Young) submitted an amendment intended to be proposed by him to the
bill S. 4638, to authorize appropriations for fiscal year 2025 for
military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _____. REPORT ON ARTIFICIAL INTELLIGENCE REGULATION IN
FINANCIAL SERVICES INDUSTRY.

(a) In General.--Not later than 90 days after the date of
enactment of this Act, each of the Board of Governors of the
Federal Reserve System, the Federal Deposit Insurance
Corporation, the Office of the Comptroller of the Currency,
the National Credit Union Administration, and the Bureau of
Consumer Financial Protection shall submit to the Committee
on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives a report on the gap in knowledge of the
agency relating to artificial intelligence, including an
analysis on--
(1) which tasks are most frequently being assisted or
completed with artificial intelligence in the institutions
the agency regulates;
(2) current governance standards in place for artificial
intelligence use at the agency and current standards in place
for artificial intelligence oversight by the agency;
(3) potentially additional regulatory authorities required
by the agency to continue to successfully execute the mission
of the agency;
(4) where artificial intelligence may lead to overlapping
regulatory issues between agencies that require
clarification;
(5) how the agency is currently using artificial
intelligence, how the agency plans to use such artificial
intelligence the next 3 years, and the expected impact,
including fiscal and staffing, of those plans; and
(6) what resources, monetary or other resources, if any,
the agency requires to both adapt to the changes that
artificial intelligence will bring to the regulatory
landscape and to adequately adopt and oversee the use of
artificial intelligence across the operations described in
paragraph (5).
(b) Rule of Construction.--Nothing in this section may be
construed to require an agency to include confidential
supervisory information or predecisional or deliberative
nonpublic information in a report under this section.
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