Requires the Secretaries of the Treasury, Homeland Security, and Commerce to submit an annual report to Congress on the risks of use of AI in the commission of financial crimes.
Analysis summaries, actor details, and coverage mappings were LLM-classified and may contain errors.
This is a binding legislative act introduced in the U.S. House of Representatives that uses mandatory language requiring federal agencies to submit reports and recommendations to Congress.
The document focuses primarily on risks from malicious actors using AI for financial crimes, with good coverage of fraud/manipulation (4.3), disinformation (4.1), and security vulnerabilities (2.2). It also addresses misinformation (3.1, 3.2) and governance mechanisms (6.5) through reporting requirements.
The document primarily governs the Finance and Insurance sector through its focus on financial crimes and market operations. It also addresses Public Administration (federal agencies' responsibilities) and has implications for Information sector entities involved in AI development and deployment.
The document does not focus on specific AI lifecycle stages but rather on monitoring and reporting the risks of AI use in financial crimes. It implicitly covers the 'Operate and Monitor' stage through its emphasis on ongoing risk assessment and incident response.
The document explicitly mentions 'artificial intelligence' throughout but does not define it or specify particular types of AI systems, models, or technical thresholds. The focus is on AI use in financial crimes rather than technical AI classifications.
Mr. Nunn of Iowa; Ms. Spanberger; United States Congress; House of Representatives Committee on Financial Services
The bill was introduced by Representatives Nunn and Spanberger in the House of Representatives and referred to the Committee on Financial Services, indicating these are the proposing actors.
United States Congress
Congress serves as the enforcer through its oversight authority, requiring annual reports and recommendations from the specified federal agencies.
Secretary of the Treasury; Secretary of Homeland Security; Secretary of Commerce; United States Trade Representative; Attorney General; Chairman of the Board of Governors of the Federal Reserve System; Director of the National Institute of Standards and Technology; Under Secretary of Commerce for Industry and Security
Multiple federal officials are designated to monitor AI risks in financial crimes through annual reporting requirements and consultation processes.
Secretary of the Treasury; Secretary of Homeland Security; Secretary of Commerce; Federal departments and agencies; adversarial actors
The Act targets federal agencies (Treasury, Homeland Security, Commerce) who must submit reports, and addresses risks from adversarial actors using AI for financial crimes.
7 subdomains (7 Minimal)