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H.R. 4801119th Congress
Official title: Unleashing AI Innovation in Financial Services Act
Introduced:
Read the official bill on Congress.govH.R. 4801
The plain-language version leads. The official text is always the reference.
Financial regulators would run "AI Innovation Labs" letting companies test AI products without normal enforcement for at least a year.
50-second read · 4 questions answered below
The bill would require agencies like the Federal Reserve, FDIC, SEC, CFPB, NCUA, and Federal Housing Finance Agency to create "AI Innovation Labs." Approved companies could test AI-driven financial products without full regulatory compliance during a test period of at least one year, while proposing alternative ways to follow the rules' intent. The bill also sets application review timelines, appeal processes, and requires public regulations and annual reports on the labs.
Banks, credit unions, investment firms, and fintech companies seeking to test AI products would be directly affected, as would the financial regulatory agencies themselves. Consumers and investors could indirectly encounter AI-based products released under this more flexible oversight.
Regulators would still be able to sue to halt a test immediately over serious risks to consumers, the financial system, national security, or money laundering, and fraud remains punishable. Agencies would need to build new offices, review systems, and reporting processes to administer the labs.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it's headed for a House floor vote. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Placed on the Union Calendar, Calendar No. 619.