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AI Summary
The Preventing Deep Fake Scams Act creates a Task Force on Artificial Intelligence in the Financial Services Sector to report on AI-related issues to Congress.
Business Impact
If you operate in the financial services sector, you must prepare for potential AI regulations by the time the task force reports its findings.
What do these statuses mean? ▼
Introduced
— Filed in the legislature; not yet heard in committee
In Committee
— Assigned to and being reviewed by a legislative committee
Passed
— Approved by one or both chambers; awaiting further action
Signed / Enacted
— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed
— Vetoed, failed to pass, or session expired without action
Unknown
— Status data not yet available or awaiting classification
Affected Industries
Topics How we classify →
What This Means
The Preventing Deep Fake Scams Act aims to address the implications of artificial intelligence in financial services. By establishing a task force, it seeks to ensure that Congress is informed about the challenges and opportunities presented by AI technologies in this sector.
Key Provisions
- Establishment of a Task Force on Artificial Intelligence in the Financial Services Sector
- Task force to report findings to Congress
- Focus on issues related to AI in financial services
Latest Legislative Action
Referred to the House Committee on Financial Services.
Bill Sponsors (showing 5 of 12)
| Name | Role | District |
|---|---|---|
| Alexandria Ocasio-Cortez D | Sponsor | HD-NY-14 |
| Brian Fitzpatrick R | Sponsor | HD-PA-1 |
| Brittany Pettersen D | Sponsor | HD-CO-7 |
| Jeff Van Drew R | Sponsor | HD-NJ-2 |
| Josh Gottheimer D | Sponsor | HD-NJ-5 |
Compliance Checklist
Prepare for potential AI regulations
Who: Financial services operators
Deadline: Upon task force report
Penalty: To be determined based on future regulations
Who: Financial services operators
Deadline: Upon task force report
Penalty: To be determined based on future regulations
Monitor developments from the task force
Who: Stakeholders in financial services
Deadline: Ongoing
Who: Stakeholders in financial services
Deadline: Ongoing
Related & Companion Bills
Full Legal Analysis
The Preventing Deep Fake Scams Act proposes the formation of a Task Force on Artificial Intelligence in the Financial Services Sector. This task force is tasked with examining various issues related to the use of AI in financial services and reporting its findings to Congress. While the bill does not specify compliance requirements or penalties, it focuses on AI-related challenges in this industry.
Official Source
Official Bill Text
View HB1734 on official legislature website →
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