Press Releases

Today, House Financial Services Committee Chairman French Hill (R-AR), Rep. Richie Torres (D-NY), Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (R-WI), and Rep. Josh Gottheimer (D-NJ), alongside Senator Mike Rounds (R-SD), Senator Andy Kim (D-NJ), Senator Thom Tillis (R-NC), and Senator Martin Heinrich (D-NM) introduced H.R. 4801, the Unleashing AI Innovation in Financial Services Act. This bipartisan, bicameral legislation would promote Artificial Intelligence (AI) in financial services through regulatory sandboxes for AI test projects at federal financial regulatory agencies.

“As AI continues to evolve, we must understand its full impact because it will touch every part of our lives,” said Chairman Hill. “The Unleashing AI Innovation in Financial Services Act ensures that federal financial agencies allow the companies they oversee to experiment with AI through regulatory sandboxes. Our Committee looks forward to exploring AI and its uses in the financial services industry. We are committed to fostering innovation and collaboration between the public and private sectors. I’m grateful to my bipartisan House colleagues and to Senator Mike Rounds for leading this effort in the Senate. Advancing this bill is key to keeping the U.S. at the forefront of AI innovation in financial services.”

“In the face of rapid AI advancement, Congress has a responsibility to ensure responsible innovation that protects consumers, strengthens our economy, and maintains American leadership,” added Rep. Torres. “I’m proud to co-lead this bipartisan, bicameral effort alongside Congressman French Hill to create AI Innovation Labs, giving regulators a safe and structured way to engage with cutting-edge technologies. This bill ensures that innovation and oversight go hand in hand.”

“The United States must lead in artificial intelligence while responsibly addressing the risks that come with emerging technologies. Our Unleashing AI Innovation in Financial Services Act will ensure that we are able to develop this technology responsibly and safely, protecting consumers, and allowing the U.S. to win the tech race,” added Rep. Steil.

“When it comes to artificial intelligence, we need smart safeguards in place to protect consumers, prevent abuse, and ensure our families and financial systems are safe. We also must ensure that the United States continues to lead the world in innovation,” said Rep. Gottheimer. “That’s why I’m proud to help lead the bipartisan, bicameral Unleashing AI Innovation in Financial Services Act, which will bring together the government, private sector, and innovators to explore the use of new AI technology in financial services. This commonsense bill will allow for experimentation while putting guardrails in place to strengthen consumer protections and help ensure that American technology stays ahead of the curve.”

“The financial services industry has been using AI for decades, but companies must have the opportunity to innovate as major advancements continue to develop,” said Senator Rounds. “The Unleashing AI Innovation in Financial Services Act is designed to foster innovation and economic growth by providing a controlled environment where new financial products and services that use AI can be tested. I’m pleased that the Trump administration shares this vision, as outlined in their recent AI Action Plan. By creating these innovation labs, we aim to strike a balance between encouraging innovation and maintaining consumer protection, ultimately strengthening our financial system and keeping our country at the forefront of global financial technology.”

Further Background:

• In July 2025, the Trump Administration released Winning the AI Race: America’s AI Action Plan, which highlighted the importance of enabling AI adoption through regulatory sandboxes.
• Rep. Hill served as a member of the House-wide bipartisan Task Force on Artificial Intelligence in the 118th Congress, which delivered a report on its findings in December 2024.
• In the 118th Congress, then-Subcommittee Chairman French Hill and Rep. Torres introduced the Unleashing AI Innovation in Financial Services Act, along with Sen. Rounds and Sen. Heinrich on August 5, 2024.
• During the 118th Congress, then-Subcommittee Chairman French Hill co-led a House Financial Services Committee bipartisan Working Group on Artificial Intelligence with then-Committee Chairman Patrick McHenry (R-NC), Ranking Member Maxine Waters (D-CA), and Subcommittee Ranking Member Stephen F. Lynch (D-MA). The bipartisan Working Group on AI released a bipartisan staff report on its findings in July 2024.
• In the 116th Congress, Rep. Hill served as the Ranking Member of the Task Force on Financial Technology and Task Force on Artificial Intelligence, and in the 118th Congress, he served as the Subcommittee Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion.