I. Key U.S.
Legislative and Regulatory Developments
A. SEVERAL NEW AI
BILLS PROPOSED IN CONGRESS
As the adoption of AI technology in the U.S. continues across a
wide range of industries and the public sector, legislators are
increasingly making efforts to regulate applicable data standards
at federal level. On September 24, 2019, H.R. 4476, the
"Financial Transparency Act of 2019" was reintroduced
into Congress by Reps. Carolyn Maloney (D-NY) and Patrick McHenry
(R-NC).1 The bipartisan bill, which calls
for the Treasury secretary to create uniform, machine-readable data
standards for information reported to financial regulatory
agencies,2 has been referred to the
Subcommittee on Commodity Exchanges, Energy, and Credit. By seeking
to make information that is reported to financial regulatory
agencies electronically searchable, the bill's supporters aim
to "further enable the development of RegTech and Artificial
Intelligence applications," "put the United States on
