,,ii  #aaith ,,congress  #b;d ,session  
,s4 #dgdc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #aj1     
#bjbf,ms4 ,warren 7for herself and ,mr4 
,blumenthal7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
require the ,office of ,financial       
,research to compel data relating to the
 financing of artificial intelligence   
development1 provide that data to       
,congress1 and issue recommendations to 
financial regulatory agencies and       
,congress to mitigate financial         
stability risk1 and for other purposes4 
#a4 ,short title ,this ,act may be cited
 as the ,,ai ,bubble ,transparency ,act4
  #b4 ,financial system exposure to     
artificial intelligence sector ,subtitle
 ,b of the ,financial ,stability ,act of
 #bjaj 7#ab ,u4,s4,c4 #ecda et seq47 is 
amended by adding at the end the        
following3  #aeg4 ,data collection on   
financial system exposure to artificial 

intelligence sector  7a7 ,artificial    
intelligence defined ,in this section1  
the term artificial intelligence has the
 meaning given that term in section     
#ejjb of the ,national ,artificial      
,intelligence ,initiative ,act of #bjbj 
7#ae ,u4,s4,c4 #idja74  7b7 ,data       
collection  7#a7 ,reporting on exposure 
7,a7 ,in general ,not later than #ahj   
days after the date of enactment1 the   
,director shall order all financial     
companies to submit data1 subject to the
 limitation under paragraph 7#b71       
relating to their exposure to debt and  
equity instruments connected to         
companies that support artificial       
intelligence hardware and physical      
infrastructure1 including chip makers   
and data centers1 hyperscalers and      
neocloud providers1 model originators   
and developers1 and data infrastructure4
  7,b7 ,data contents ,the data required
 to be submitted under subparagraph 7,a7
 shall include the following3 7i7       
,reporting of credit exposure ,data     

relating to credit exposure1 including--
 7,i7 type of debt instrument2  7,,ii7  
size of the exposure2  7,,iii7 issuing  
company or counterparty2  7,,iv7        
interest rate2  7,v7 term2  7,,vi7      
collateral pledged2 and  7,,vii7        
additional borrower characteristics1    
such as-- 7aa7 subsector classification2
  7bb7 annual revenue and net income2   
7cc7 total market capitalization1 if    
applicable2 and  7dd7 total debt and    
other outstanding liabilities1 including
 those held off-balance sheet4  7ii7    
,reporting of equity exposure ,data     
relating to equity exposure1 including--
 7,i7 type of equity instrument2  7,,ii7
 size of the exposure2 and  7,,iii7     
additional company characteristics1 such
 as-- 7aa7 subsector classification2    
7bb7 annual revenue and net income2     
7cc7 total market capitalization1 if    
applicable2 and  7dd7 total debt and    
other outstanding liabilities1 including
 those held off-balance sheet4  7iii7   
,other ,any other information the       

,director determines necessary for      
evaluating the exposure of the financial
 companies to debt and equity           
instruments connected to the artificial 
intelligence sector4  7#b7 ,limitation  
,the ,director may exempt small         
financial companies1 including banks    
with less than #aj1jjj1jjj1jjj in       
assets1 and financial companies with    
less than #ejj1jjj1jjj of financial     
exposure to the instruments described in
 paragraph 7#a7 from the reporting      
requirements under this section4  7c7   
,enforcement authority ,the ,director   
shall use the authority under section   
#aec7;f7 to compel data from any        
financial company that fails to comply  
with the data collection required under 
this section4  7d7 ,report and          
recommendations  7#a7 ,report required  
,not later than #a year after the date  
of enactment of this ,act1 the ,chair of
 the ,financial ,stability ,oversight   
,council shall issue and make publicly  
available a report on the findings of   

the data collection under this section  
that evaluates-- 7,a7 the size1 scope1  
complexity1 and interconnectedness of   
the financial system's exposure to debt 
and equity instruments connected to     
artificial intelligence development2    
7,b7 the transmission channels through  
which a severe decline in value of debt 
and equity instruments connected to     
artificial intelligence could threaten  
the stability of the financial system of
 the ,united ,states2 and  7,c7 the     
extent to which financial companies are 
indirectly exposed to debt and equity   
instruments connected to artificial     
intelligence development through        
financing arrangements with other       
financial companies4  7#b7              
,recommendations ,the ,council shall use
 the authority under section #abj to    
issue policy recommendations to member  
agencies and to ,congress to mitigate   
financial stability risks relating to   
the financing of artificial intelligence
 development4  7e7 ,submission to       

,congress ,not later than #a year after 
the date of enactment of this ,act1 the 
,director shall submit to the ,chairs   
and ,ranking ,members of the ,committee 
on ,banking1 ,housing1 and ,urban       
,affairs of the ,senate and the         
,committee on ,financial ,services of   
the ,house of ,representatives1 in      
unredacted form1 the data collected     
under this section4  4