H.R. 4801
Unleashing AI Innovation in Financial Services Act
Sponsor: J. French Hill
3 cosponsors
Official summary
Written by the Congressional Research Service.
Unleashing AI Innovation in Financial Services Act
This bill allows regulated financial entities to test artificial intelligence (AI) projects under waived or modified regulations upon the approval of an application by the appropriate federal financial regulatory agency. These agencies must establish AI innovation labs to enable such projects.
Under the bill, regulated entities may engage in AI test projects associated with financial products, services, or activities. Regulated entities must apply to the appropriate agency with a description and proposed duration of the AI test project, propose an alternative compliance strategy, and explain how the AI test project serves the public interest and does not present certain risks.
The alternative compliance strategy must include several elements, such as (1) identifying a regulation issued by an agency that the regulated entity requests to be waived or modified and (2) proposing an alternative method of compliance with the regulation's underlying statute. Upon approval, the agency may only enforce such a regulation according to the agreement.
The bill also provides for agency review of such applications, establishes procedures for entities that are subject to regulation by multiple agencies, and allows agencies to file for injunctive relief if an AI test project presents certain risks or dangers.
Text of the bill
Where this section came from
Not in the first version (Introduced in House, Jul 29).
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Jun 24, 2026 · Reported in House Marked up by House Committee on Financial Services, May 13 Reported by House Committee on Financial Services, Jun 24 Committee members' individual votes aren't in our records.
What is a markup?
A markup is a committee meeting where members go through a bill and vote on changes before sending it to the full chamber.
(a) In general. Not later than 2 years after the date of enactment of this Act, and each year for 7 years thereafter, each financial regulatory agency shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report on the outcomes of AI test projects. A report under this subsection shall include aggregated findings, trends, and lessons learned from the AI test projects.
(b) Confidentiality. A report under this section—
(1) may not include the names of participating entities or any proprietary or confidential business information; and
(2) where appropriate, may contain a classified annex.