AI Act of 2024

Hozzl · 2024-12-19T09:06:36Z

Explore the details of House Bill 10262 AI Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

12/19/2024, 9:06 AM

Summary of Bill HR 10262

Bill 118 hr 10262, also known as the "Artificial Intelligence Benefits Study Act," aims to require financial regulators to conduct studies on the actual and potential advantages of artificial intelligence technology. The bill is designed to explore how AI can improve efficiency, accuracy, and innovation within the financial sector.

The legislation mandates that these studies must assess the impact of AI on various aspects of financial regulation, including risk management, fraud detection, customer service, and market stability. The goal is to better understand how AI can enhance the effectiveness of regulatory agencies and promote a more secure and transparent financial system.

Additionally, the bill requires regulators to consider the potential risks and challenges associated with the use of AI in finance, such as data privacy concerns, algorithmic bias, and cybersecurity threats. By conducting these studies, policymakers can develop informed strategies to maximize the benefits of AI while mitigating any potential drawbacks. Overall, the Artificial Intelligence Benefits Study Act seeks to promote a comprehensive and evidence-based approach to integrating AI technology into financial regulation. By examining both the opportunities and challenges of AI, regulators can make informed decisions that support innovation and protect consumers in the rapidly evolving financial landscape.

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Current Status of Bill HR 10262

Bill HR 10262 is currently in the status of Bill Introduced since November 26, 2024. Bill HR 10262 was introduced during Congress 118 and was introduced to the House on November 26, 2024. Bill HR 10262's most recent activity was Referred to the House Committee on Financial Services. as of November 26, 2024

Bipartisan Support of Bill HR 10262

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Policy Area and Potential Impact of Bill HR 10262

Primary Policy Focus

Alternate Title(s) of Bill HR 10262

To require the financial regulators to carry out studies on the realized and potential benefits of artificial intelligence, and for other purposes.To require the financial regulators to carry out studies on the realized and potential benefits of artificial intelligence, and for other purposes.

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