Preventing Deep Fake Scams Act

Referred to the House Committee on Financial Services.

Bill 119 HR 1734, also known as the Task Force on Artificial Intelligence in the Financial Services Sector Act, aims to create a task force that will focus on the use of artificial intelligence (AI) in the financial services industry. The task force will be responsible for reporting to Congress on various issues related to AI in this sector.

The bill outlines the composition of the task force, which will consist of members appointed by the Secretary of the Treasury, the Chair of the Securities and Exchange Commission, and the Chair of the Commodity Futures Trading Commission, among others. The task force will also include representatives from academia, consumer advocacy organizations, and the financial services industry.

The primary goal of the task force is to study and analyze the impact of AI on the financial services sector, including its potential benefits and risks. The task force will also assess the current regulatory framework governing AI in financial services and make recommendations for any necessary changes. Overall, the Task Force on Artificial Intelligence in the Financial Services Sector Act seeks to ensure that Congress is informed about the implications of AI in the financial services industry and is equipped to make informed decisions about regulation and oversight in this rapidly evolving field.