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AI Innovation in Finance: Safe Testing of New Services

This new act aims to facilitate financial companies in testing artificial intelligence-based products and services. Special "AI Innovation Labs" will be established, allowing companies to experiment with new solutions without immediate penalties, provided they meet specific conditions and manage risks. This is intended to accelerate the development of AI technology in the financial sector, potentially leading to better and more accessible services for citizens.
Key points
Financial companies can test new AI products in special "innovation labs," obtaining approval for waivers from certain regulations.
The goal is to foster innovation, improve access to financial services, and protect consumers, while ensuring the safety of the financial system.
Regulatory agencies will oversee these projects, and companies must demonstrate that their solutions do not pose risks to consumers, markets, or national security.
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Introduced
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Additional Information
Print number: 119_S_2528
Sponsor: Sen. Rounds, Mike [R-SD]
Process start date: 2025-07-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Unleashing AI Innovation in Financial Services Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2528.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-07-29.

What are the main provisions?

Key points include:

  • Financial companies can test new AI products in special "innovation labs," obtaining approval for waivers from certain regulations.
  • The goal is to foster innovation, improve access to financial services, and protect consumers, while ensuring the safety of the financial system.
  • Regulatory agencies will oversee these projects, and companies must demonstrate that their solutions do not pose risks to consumers, markets, or national security.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Economy Courts and Law Informatization