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AI Summary
The bill proposes establishing AI Innovation Labs for AI experimentation by certain persons, under unspecified conditions.
Business Impact
If you experiment with AI in financial services, you may do so without enforcement actions.
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
What This Means
The Unleashing AI Innovation in Financial Services Act seeks to create AI Innovation Labs for experimentation with AI technologies by certain persons, under unspecified conditions.
Key Provisions
- Establishment of AI Innovation Labs for AI experimentation by certain persons, under unspecified conditions, without expectation of enforcement actions, except in cases of fraud, criminal activity, or unspecified conditions.
Latest Legislative Action
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19.
Bill Sponsors
| Name | Role | District |
|---|---|---|
| Bryan Steil R | Sponsor | HD-WI-1 |
| French Hill R | Sponsor | HD-AR-2 |
| Josh Gottheimer D | Sponsor | HD-NJ-5 |
| Ritchie Torres D | Sponsor | HD-NY-15 |
Related & Companion Bills
Full Legal Analysis
The Unleashing AI Innovation in Financial Services Act, known as HB4801, has been introduced at the federal level in the United States. The primary aim of the bill is to establish AI Innovation Labs. These labs are intended for use by 'certain persons,' which the bill specifies as entities engaged in financial services and other specified individuals or groups. The bill allows these entities to experiment with AI technologies under unspecified conditions and limitations. Importantly, the bill provides that these activities can occur without the expectation of enforcement actions, except in cases involving fraud, criminal activity, or other unspecified conditions.
Official Source
Official Bill Text
View HB4801 on official legislature website →
Affected Industries
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