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AI Safety in Finance and Military: New Rules and Vulnerability Tests.

This act focuses on increasing the safety and oversight of artificial intelligence, particularly in the financial and military sectors. It requires financial regulators to assess AI risks in banks, potentially leading to better consumer protection against system errors or biases. Furthermore, it establishes bug bounty programs for military AI systems to ensure their reliability and national security.
Key points
Financial regulators must study how banks use AI and determine if new rules are needed to protect consumers from system errors or algorithmic discrimination.
Implementation of 'bug bounty' programs within the Department of Defense to test and secure military artificial intelligence systems against attacks and failures.
Mandate for a detailed vulnerability analysis covering security, privacy, and accuracy risks in military applications powered by AI.
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Expired
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Additional Information
Print number: 118_S_3050
Sponsor: Sen. Rounds, Mike [R-SD]
Process start date: 2023-10-17
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Artificial Intelligence Advancement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3050.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-10-17.

What are the main provisions?

Key points include:

  • Financial regulators must study how banks use AI and determine if new rules are needed to protect consumers from system errors or algorithmic discrimination.
  • Implementation of 'bug bounty' programs within the Department of Defense to test and secure military artificial intelligence systems against attacks and failures.
  • Mandate for a detailed vulnerability analysis covering security, privacy, and accuracy risks in military applications powered by AI.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Rounds, Mike [R-SD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Informatization Security Economy