I
119THCONGRESS
1
STSESSION H. R. 1734
To establish the Task Force on Artificial Intelligence in the Financial Services
Sector to report to Congress on issues related to artificial intelligence
in the financial services sector, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY27, 2025
Ms. P
ETTERSEN(for herself, Mr. FLOOD, Ms. BONAMICI, Mr. FITZPATRICK,
Ms. O
CASIO-CORTEZ, and Mr. HARDERof California) introduced the fol-
lowing bill; which was referred to the Committee on Financial Services
A BILL
To establish the Task Force on Artificial Intelligence in
the Financial Services Sector to report to Congress on
issues related to artificial intelligence in the financial
services sector, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Preventing Deep Fake 4
Scams Act’’. 5
SEC. 2. FINDINGS. 6
The Congress finds the following: 7
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(1) Artificial intelligence is being used in new 1
and innovative ways by the financial services sector. 2
(2) Artificial intelligence may provide benefits 3
to banks, credit unions, and banking consumers. 4
(3) Artificial intelligence poses unique threats 5
to the safety and security of customer accounts. 6
(4) Voice banking is offered by many banks for 7
security and convenience reasons. 8
(5) The popularity of social media has made 9
video and audio of potential targets easier to obtain 10
for bad actors. These materials can be exploited to 11
replicate the voices and appearances of other people 12
in pursuit of data theft, identity theft, or fraud. 13
(6) Bad actors could utilize ‘‘deep fakes’’, in-14
cluding voice and audio manipulation, to compromise 15
and access a consumer’s financial accounts. 16
SEC. 3. TASK FORCE ON ARTIFICIAL INTELLIGENCE IN THE 17
FINANCIAL SERVICES SECTOR. 18
(a) E
STABLISHMENT.—There is established a Task 19
Force on Artificial Intelligence in the Financial Services 20
Sector (in this section referred to as the ‘‘Task Force’’). 21
(b) M
EMBERSHIP.—The Task Force shall consist of 22
the following: 23
(1) The Secretary of the Treasury, or a des-24
ignee, who shall serve as Chair of the Task Force. 25
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(2) The Comptroller of the Currency, or a des-1
ignee. 2
(3) The Chairman of the Board of Governors of 3
the Federal Reserve System, or a designee. 4
(4) The Chairperson of the Federal Deposit In-5
surance Corporation, or a designee. 6
(5) The Director of the Bureau of Consumer 7
Financial Protection, or a designee. 8
(6) The Chairman of the National Credit Union 9
Administration, or a designee. 10
(7) The Director of the Financial Crimes En-11
forcement Network, or a designee. 12
(c) R
EPORT.— 13
(1) I
N GENERAL.—Not later than the end of 14
the 1-year period beginning on the date of enact-15
ment of this Act, the Task Force shall issue a report 16
to Congress containing the contents described in 17
paragraph (3). 18
(2) C
ONSULTATION.— 19
(A) R
EQUEST FOR INFORMATION .—Not 20
later than 90 days after the date of enactment 21
of this Act, the Task Force shall solicit public 22
feedback on the report required under para-23
graph (1). 24
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(B) INDUSTRY AND EXPERT STAKE -1
HOLDERS.—In developing the report required 2
under paragraph (1), the Task Force shall seek 3
out and consult with industry and expert stake-4
holders, including— 5
(i) depository institutions of varying 6
asset sizes; 7
(ii) credit unions of varying asset 8
sizes; 9
(iii) third-party vendors who use arti-10
ficial intelligence when providing services 11
to depository institutions and credit 12
unions; and 13
(iv) artificial intelligence experts. 14
(3) C
ONTENTS.—The contents of the report are 15
the following: 16
(A) A description of how banks and credit 17
unions proactively protect themselves and con-18
sumers from fraud utilizing artificial intel-19
ligence. 20
(B) A list of standard definitions for the 21
different manners in which artificial intelligence 22
is used, including terms like ‘‘generative AI’’, 23
‘‘machine learning’’, ‘‘natural language proc-24
essing’’, ‘‘algorithmic AI’’, and ‘‘deep fakes’’. 25
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(C) A description of potential risks that 1
could result from the use of artificial intel-2
ligence by bad actors to steal consumers’ data, 3
steal consumers’ identities, and commit fraud. 4
(D) A list of best practices for financial in-5
stitutions to protect their customers from at-6
tempts to steal consumer data, steal consumers’ 7
identities, or commit fraud. 8
(E) Legislative and regulatory rec-9
ommendations for the regulation of artificial in-10
telligence and to protect consumers from data 11
theft, identity theft, and fraud. 12
(d) T
ERMINATION.—The Task Force shall terminate 13
90 days after the final report is issued pursuant to sub-14
section (c). 15
Æ
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