Rep. Maxine Waters, D-Calif., has introduced a bill that seeks to improve transparency in artificial intelligence by requiring market and banking regulators to study and assess current labeling practices on products, tools and services that use AI and offer recommendations to Congress based on those practices.
What Would the Bill Do?
The proposed Responsible AI Disclosure Act of 2024 would direct the Federal Reserve, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau and other financial regulatory agencies to conduct a study on how companies categorize AI data and train AI models.
The proposed measure would require each agency to submit to Congress a report containing findings from the study and recommendations on whether additional regulations should be implemented concerning AI labels and disclosures.
The legislation introduced by the House Financial Services Committee’s ranking member would also allow agencies to require the companies they oversee to report on the data used to train AI systems.