November 27, 2024

Waters unveils AI disclosure bill for finserv

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The document discusses a bill introduced by Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, aimed at improving the transparency of artificial intelligence (AI) products used in the financial services industry.
The bill would direct several federal regulators to study the use and origins of AI products being used by financial firms, and establish recommendations for new standards and definitions for AI policy.
The bill also focuses on establishing how regulators and firms could “label” the use of AI products, including the origin of data used to train financial services AI and assessing how that data is used.
After the study is published, the bill would direct each agency to determine whether its existing authorities require regulated firms to submit additional information to the government about how AI models are being trained, including the delineation and ratios of synthetic versus genuine data in the training of AI models and their data sources.
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Waters unveils AI disclosure bill for finserv

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