,,ii  #aaith ,,congress  #ast ,session  
,s4 #baag  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #ah1     
#bjbe,mr4 ,husted 7for himself and ,mr4 
,warnock7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,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 sector1 and for other         
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,preventing ,deep   
,fake ,scams ,act4  #b4 ,findings ,the  
,congress finds the following3 7#a7     
,artificial intelligence is being used  
in new and innovative ways by the       
financial services sector4  7#b7        
,artificial intelligence may provide    
benefits to banks1 credit unions1 and   
banking consumers4  7#c7 ,artificial    
intelligence poses unique threats to the

 safety and security of customer        
accounts4  7#d7 ,voice banking is       
offered by many banks for security and  
convenience reasons4  7#e7 ,the         
popularity of social media has made     
video and audio of potential targets    
easier to obtain for bad actors4 ,these 
materials can be exploited to replicate 
the voices and appearances of other     
people in pursuit of data theft1        
identity theft1 or fraud4  7#f7 ,bad    
actors could utilize deep fakes1        
including voice and audio manipulation1 
to compromise and access the financial  
accounts of a consumer4  #c4 ,task      
,force on ,artificial ,intelligence in  
the ,financial ,services ,sector  7a7   
,establishment ,there is established a  
,task ,force on ,artificial             
,intelligence in the ,financial         
,services ,sector 7in this section      
referred to as the ,task ,force74  7b7  
,membership ,the ,task ,force shall     
consist of the following3 7#a7 ,the     
,secretary of the ,treasury1 or a       

designee1 who shall serve as ,chair of  
the ,task ,force4  7#b7 ,the            
,comptroller of the ,currency1 or a     
designee4  7#c7 ,the ,chairman of the   
,board of ,governors of the ,federal    
,reserve ,system1 or a designee4  7#d7  
,the ,chairperson of the ,federal       
,deposit ,insurance ,corporation1 or a  
designee4  7#e7 ,the ,director of the   
,bureau of ,consumer ,financial         
,protection1 or a designee4  7#f7 ,the  
,chairman of the ,national ,credit      
,union ,administration1 or a designee4  
7#g7 ,the ,director of the ,financial   
,crimes ,enforcement ,network1 or a     
designee4  7c7 ,report  7#a7 ,in general
 ,not later than the end of the #a-year 
period beginning on the date of         
enactment of this ,act1 the ,task ,force
 shall submit to ,congress a report     
containing the contents described in    
paragraph 7#c74  7#b7 ,consultation     
7,a7 ,request for ,information ,not     
later than #ij days after the date of   
enactment of this ,act1 the ,task ,force

 shall solicit public feedback on the   
report required under paragraph 7#a74   
7,b7 ,industry and expert stakeholders  
,in developing the report required under
 paragraph 7#a71 the ,task ,force shall 
seek out and consult with industry and  
expert stakeholders1 including-- 7i7    
depository institutions of varying asset
 sizes2  7ii7 credit unions of varying  
asset sizes2  7iii7 third-party vendors 
who use artificial intelligence when    
providing services to depository        
institutions and credit unions2 and     
7iv7 artificial intelligence experts4   
7#c7 ,contents ,the contents of the     
report described in this paragraph are  
as follows3 7,a7 ,a description of how  
banks and credit unions proactively     
protect themselves and consumers from   
fraud utilizing artificial intelligence4
  7,b7 ,a list of standard definitions  
for the different manners in which      
artificial intelligence is used1        
including terms like generative ,,ai1   
machine learning1 natural language      

processing1 algorithmic ,,ai1 and deep  
fakes4  7,c7 ,a description of potential
 risks that could result from the use of
 artificial intelligence by bad actors  
to steal data and identities of         
consumers and commit fraud4  7,d7 ,a    
list of best practices for financial    
institutions to protect their customers 
from attempts to steal data and         
identities of consumers or commit fraud4
  7,e7 ,legislative and regulatory      
recommendations for the regulation of   
artificial intelligence and to protect  
consumers from data theft1 identity     
theft1 and fraud4  7d7 ,termination ,the
 ,task ,force shall terminate on the    
date that is #ij days after the date on 
which the final report is issued        
pursuant to subsection 7c74