A bill to require reports on artificial intelligence regulation in the financial services industry.

Bill 118 s 4870, also known as the "Artificial Intelligence Regulation in Financial Services Act," is a proposed piece of legislation in the US Congress. The bill aims to address the growing use of artificial intelligence (AI) in the financial services industry and the potential risks and challenges associated with its use.

If passed, this bill would require financial institutions to submit reports to the appropriate regulatory agencies detailing how they are using AI technology in their operations. These reports would need to include information on the types of AI algorithms being used, how they are being implemented, and any potential risks or biases that may be present.

The goal of this legislation is to increase transparency and accountability in the use of AI in the financial services industry. By requiring these reports, regulators will be better equipped to assess the potential risks and benefits of AI technology and take appropriate action to ensure consumer protection and financial stability. Overall, Bill 118 s 4870 seeks to promote responsible and ethical use of AI in the financial services industry while also ensuring that regulatory agencies have the information they need to effectively oversee this rapidly evolving technology.