08.06.24

AI Sandboxes for Financial Regulators Part of Bipartisan House, Senate Bill

by: Courtney Degen

A bipartisan group of lawmakers introduced a bill in both the U.S. House and Senate that would allow financial federal agencies to experiment with artificial intelligence (AI). Specifically, the bill would establish regulatory sandboxes, allowing “regulated entities to experiment with AI test projects without unnecessary or unduly burdensome regulation or expectation of retroactive enforcement actions,” according to the bill text. Such sandboxes would be created at the Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, National Credit Union Administration and the Federal Housing Finance Agency.

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