The Responsible AI Disclosure Act of 2024 requires six major federal financial agencies—including the Federal Reserve, the SEC, and the FDIC—to study and report on how to create standardized descriptions for artificial intelligence systems used by banks, credit unions, and other regulated financial institutions. Within six months of the bill's enactment, these agencies must submit findings to Congress on current practices for identifying and disclosing information about AI training data, including how much of that data is synthetic versus real, and must recommend whether new federal rules or guidance are needed. After issuing their report, the agencies can use existing legal authority to require financial firms and their AI vendors to either report detailed information about their AI systems to regulators or disclose it publicly in a standardized format. The bill emphasizes that agencies should not wait for the study to be completed before implementing disclosure requirements if they determine such rules are necessary. This legislation aims to increase transparency and accountability for artificial intelligence use in the financial services industry.
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