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H.R. 4801 (119th Congress)Introduced
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Unleashing AI Innovation in Financial Services Act

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Summary

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This bill establishes AI Innovation Labs within each federal financial regulatory agency to allow regulated financial entities to test artificial intelligence applications with regulatory flexibility. Entities may submit applications proposing alternative compliance strategies for specific regulations, with agencies having 120 days to approve or deny based on criteria including public interest, consumer protection, systemic risk, and national security. Approved projects receive a safe harbor from enforcement actions for the duration of the test period, subject to size and scope limitations, monitoring requirements, and mandatory termination dates.

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