# 119-hr-4801: Unleashing AI Innovation in Financial Services Act

119-hr-4801, Unleashing AI Innovation in Financial Services Act, is a 119th Congress bill sponsored by Rep. Hill, J. French [R-AR-2] (R-AR); status in_committee; PRIA reads it as touching household money (as of 2026-09-21).

- Canonical: https://policyrisk.com/legislation/119-hr-4801
- As of: 2026-09-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-4801
- Congress: 119
- Title: Unleashing AI Innovation in Financial Services Act
- Status: in_committee
- Introduced: 2025-07-29
- Sponsor: Rep. Hill, J. French [R-AR-2] (R-AR)
- Cosponsors: 3
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-09-21

## Summary

**Creates AI Innovation Labs at financial regulators** to let regulated firms run supervised AI pilot projects under alternative compliance plans that limit enforcement while testing new AI tools. The bill would set rules for applications, approvals, data security, disclosures, and interagency coordination. - Regulated firms would be able to apply to test AI one year after enactment and must submit a detailed plan, risk checks, a termination date, size limits, and a business plan. Agencies would have 120 days to decide, and an application may be deemed approved if an agency misses its deadline. - Financial regulators would have to establish or designate AI Innovation Labs and write implementing rules within 180 days, with a 60-day public comment period. Agencies must coordinate, share best practices, and can jointly approve multi-agency pilots. - Consumers and markets would get new disclosure and reporting rules for direct interactions with AI pilots, plus oversight: agencies must report outcomes starting 2 years after enactment and annually for 7 years, and may seek injunctive relief for immediate risks.

## Cosponsors (3)

- Rep. Torres, Ritchie [D-NY-15] (D-NY), 2025-07-29T00:00:00.000Z
- Rep. Steil, Bryan [R-WI-1] (R-WI), 2025-07-29T00:00:00.000Z
- Rep. Gottheimer, Josh [D-NJ-5] (D-NJ), 2025-07-29T00:00:00.000Z

## Provisions PRIA read

- Agency review and enforcement rules: mixed, medium. If enacted, the appropriate agency would have 120 days to decide on a complete application and could extend once by 120 days. An application would be approved if it is more likely than not to meet the statutory standards. Approvals would list the rule covered, terms of the alternative plan, an end…
- Detailed AI Test Application Rules: mixed, medium. If enacted, applications to run an AI test project would need a detailed description of the AI, its purposes, and capabilities. Applicants would have to propose an alternative compliance strategy, justify the change, and provide risk management plans including cybersecurity. Applications would also…
- Multi-agency notice and approval: mixed, medium. If enacted, a regulated entity would have to notify each agency that issues or enforces an implicated regulation within 5 business days of applying. Any agency notified could intervene within 30 days. If an agency intervenes, the AI test project would need joint approval from the appropriate agency…
- New AI Innovation Labs for Regulators: mixed, medium. If enacted, each federal financial regulator would establish or designate an AI Innovation Lab upon enactment. These labs would accept applications from regulated firms like banks, broker‑dealers, investment companies, and credit unions to run AI test projects. Participation would require an approv…
- Applications start one year later: mixed, low. If enacted, regulated firms would be able to submit applications to the appropriate financial regulatory agency beginning one year after the date of enactment. Applications would use forms determined by the agency. This gives agencies time to write rules but delays when projects can begin testing.

## Related bills

- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-9237: Take Care of America’s Veterans Act
- 119-hr-3633: Digital Asset Market Clarity Act
- 119-hr-2392: STABLE Act of 2025
- 119-hr-1422: Enhanced Iran Sanctions Act of 2025
- 119-hr-9250: Great American Outdoors Act 250

## Sources
- [119-hr-4801 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/4801)

## Related
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-9237: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-hr-9237)
- [119-hr-3633: Digital Asset Market Clarity Act](https://policyrisk.com/legislation/119-hr-3633)
- [119-hr-2392: STABLE Act of 2025](https://policyrisk.com/legislation/119-hr-2392)
- [119-hr-1422: Enhanced Iran Sanctions Act of 2025](https://policyrisk.com/legislation/119-hr-1422)
- [119-hr-9250: Great American Outdoors Act 250](https://policyrisk.com/legislation/119-hr-9250)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-4801 (as of 2026-09-21).