No CRS summary available for this bill.
This section states the sense of Congress that the development and use of artificial intelligence (AI) in financial crimes by adversarial actors poses a significant risk to U.S. national and economic security. It directs the Secretaries of the Treasury, Homeland Security, and Commerce, in consultation with the U.S. Trade Representative, Attorney General, Federal Reserve Chair, National Institute of Standards and Technology Director, Under Secretary of Commerce for Industry and Security, and Securities and Exchange Commission Chair, to jointly submit to Congress, not later than 180 days after enactment and annually thereafter, a report that (1) describes interagency policies and procedures to defend U.S. financial markets, persons, businesses, and global supply chains from AI-enabled financial crimes including fraud and misinformation; (2) itemizes readily available resources, hardware, software, and technologies to combat such crimes; and (3) itemizes needed resources, hardware, software, technologies, personnel, and budgetary estimates for federal agencies. The report must consider specified risks including deepfakes, voice cloning, foreign election interference, synthetic identities, false flags or signals disrupting market operations, and overall digital fraud. Within 90 days after each report, the Secretaries must jointly submit recommendations including legislative proposals and best practices for risk mitigation and incident response to assist American businesses and government entities.