119-hr1734

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1734 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 1734

To establish the Task Force on Artificial Intelligence in the Financial 
 Services Sector to report to Congress on issues related to artificial 
 intelligence in the financial services sector, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 February 27, 2025

 Ms. Pettersen (for herself, Mr. Flood, Ms. Bonamici, Mr. Fitzpatrick, 
 Ms. Ocasio-Cortez, and Mr. Harder of California) introduced the 
 following bill; which was referred to the Committee on Financial 
 Services

_______________________________________________________________________

 A BILL

To establish the Task Force on Artificial Intelligence in the Financial 
 Services Sector to report to Congress on issues related to artificial 
 intelligence in the financial services sector, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Preventing Deep Fake Scams Act''.

SEC. 2. FINDINGS.

 The Congress finds the following:

    (1) Artificial intelligence is being used in new and 
 innovative ways by the financial services sector.

    (2) Artificial intelligence may provide benefits to banks, 
 credit unions, and banking consumers.

    (3) Artificial intelligence poses unique threats to the 
 safety and security of customer accounts.

    (4) Voice banking is offered by many banks for security and 
 convenience reasons.

    (5) The popularity of social media has made video and audio 
 of potential targets easier to obtain for bad actors. These 
 materials can be exploited to replicate the voices and 
 appearances of other people in pursuit of data theft, identity 
 theft, or fraud.

    (6) Bad actors could utilize ``deep fakes'', including 
 voice and audio manipulation, to compromise and access a 
 consumer's financial accounts.

SEC. 3. TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE FINANCIAL SERVICES 
 SECTOR.

    (a) Establishment.--There is established a Task Force on Artificial 
Intelligence in the Financial Services Sector (in this section referred 
to as the ``Task Force'').

    (b) Membership.--The Task Force shall consist of the following:

    (1) The Secretary of the Treasury, or a designee, who shall 
 serve as Chair of the Task Force.

    (2) The Comptroller of the Currency, or a designee.

    (3) The Chairman of the Board of Governors of the Federal 
 Reserve System, or a designee.

    (4) The Chairperson of the Federal Deposit Insurance 
 Corporation, or a designee.

    (5) The Director of the Bureau of Consumer Financial 
 Protection, or a designee.

    (6) The Chairman of the National Credit Union 
 Administration, or a designee.

    (7) The Director of the Financial Crimes Enforcement 
 Network, or a designee.
            (c) Report.--

    (1) In general.--Not later than the end of the 1-year 
 period beginning on the date of enactment of this Act, the Task 
 Force shall issue a report to Congress containing the contents 
 described in paragraph

    (3) .

    (2) Consultation.--
        (A) Request for information.--Not later than 90 
 days after the date of enactment of this Act, the Task 
 Force shall solicit public feedback on the report 
 required under paragraph

    (1) .
        (B) Industry and expert stakeholders.--In 
 developing the report required under paragraph

    (1) , the 
 Task Force shall seek out and consult with industry and 
 expert stakeholders, including--
            (i) depository institutions of varying 
 asset sizes;
            (ii) credit unions of varying asset sizes;
            (iii) third-party vendors who use 
 artificial intelligence when providing services 
 to depository institutions and credit unions; 
 and
            (iv) artificial intelligence experts.

    (3) Contents.--The contents of the report are the 
 following:
        (A) A description of how banks and credit unions 
 proactively protect themselves and consumers from fraud 
 utilizing artificial intelligence.
        (B) A list of standard definitions for the 
 different manners in which artificial intelligence is 
 used, including terms like ``generative AI'', ``machine 
 learning'', ``natural language processing'', 
 ``algorithmic AI'', and ``deep fakes''.
            (C) A description of potential risks that could 
 result from the use of artificial intelligence by bad 
 actors to steal consumers' data, steal consumers' 
 identities, and commit fraud.
            (D) A list of best practices for financial 
 institutions to protect their customers from attempts 
 to steal consumer data, steal consumers' identities, or 
 commit fraud.
        (E) Legislative and regulatory recommendations for 
 the regulation of artificial intelligence and to 
 protect consumers from data theft, identity theft, and 
 fraud.
            (d) Termination.--The Task Force shall terminate 90 days after the 
final report is issued pursuant to subsection
            (c) .
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