Unleashing AI Innovation in Financial Services Act
Sponsored By: Representative Rep. Hill, J. French [R-AR-2]
Introduced
Summary
Creates an AI Innovation Lab regime that would let regulated banks, brokers, credit unions, and securities firms test AI-driven financial products and services inside a supervised, laboratory-style framework. The aim is to speed responsible AI experimentation while preserving consumer protection, market integrity, anti‑money‑laundering, and national security obligations.
Show full summary
- Regulated entities would be able to apply to run defined "AI test projects" and, if approved, use an alternative compliance strategy that can modify or waive certain regulations for the project period. Projects must not present systemic risk and must meet AML/CFT and national security requirements.
- Consumers and markets would stay protected by built-in safeguards and by agencies keeping enforcement authority over fraud connected to AI test projects.
- Financial regulators would work in a multi-agency oversight framework with confidentiality procedures and coordinated reviews. Agencies would submit aggregated, nonproprietary annual reports to Congress starting two years after enactment and continue for seven years.
Your PRIA Score
Personalized for You
How does this bill affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this bill and every other piece of legislation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New AI testing labs for financial firms
This bill would create AI Innovation Labs for financial firms to test AI tools under regulator oversight. An AI test project would need to use AI, be within a federal regulator’s scope, and avoid systemic risk. Projects would need to follow anti‑money‑laundering, counter‑terror finance, and national security rules. The right regulator would oversee each project: banking agencies for banks; the SEC for brokers, exchanges, advisers, and similar; the CFPB for other covered persons; the NCUA for credit unions; and the FHFA for Fannie Mae, Freddie Mac, and Federal Home Loan Banks. Agencies could approve projects, allow temporary alternative compliance or waivers, set end dates, and extend them. They would set confidentiality rules and coordinate decisions on joint applications. Fraud enforcement would still apply. The business of insurance would be excluded.
Free Policy Watch
You just read the policy. Now see what it costs you.
Pick a topic. PRIA runs your household against live legislation and sends you a free personalized readout.
Pick a topic to get started
Sponsors & CoSponsors
Sponsor
Rep. Hill, J. French [R-AR-2]
AR • R
Cosponsors
Rep. Torres, Ritchie [D-NY-15]
NY • D
Sponsored 7/29/2025
Rep. Steil, Bryan [R-WI-1]
WI • R
Sponsored 7/29/2025
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 7/29/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.govTake It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in