Bill · S. 2528· Senate(119-S-2528)
Unleashing AI Innovation in Financial Services Act
- Introduced
- 7/29/2025
- Last activity
- 7/29/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Mike Rounds
- Cosponsors
- - 1 - 3
- Introduced
- In Committee
What this bill would do
S. 2528 requires financial regulatory agencies to establish AI Innovation Labs. These labs allow regulated financial entities to apply to experiment with artificial intelligence test projects. As part of these projects, entities can request waivers or modifications of existing regulations by proposing alternative compliance strategies. Agencies must review these applications within a set timeframe, and unacted-upon applications are automatically approved after an extension period. The bill also requires participating agencies to submit annual reports on the outcomes of these AI test projects to Congress.
Yes· 3 of 9
Would business owners be better off under this?+3
Provides regulated financial entities the opportunity to test AI innovations with modified regulatory burdens.
Is this likely to grow the economy?+3
Fosters financial sector efficiency and competitiveness by facilitating the adoption of artificial intelligence.
Is this likely to create jobs?+2
Encourages innovation and growth in financial technology sectors through AI experimentation.
The opposite
Does this give people more protection from unfair business practices?-2
Allows waivers of existing financial regulations for AI testing, which could potentially weaken consumer safeguards.
Does this put more rules on large technology companies?-2
Creates regulatory sandboxes and waiver processes specifically for financial institutions experimenting with AI.
Who it would affect, and how
Potential Positive Impacts for People
- Improved Access and Innovation: Section 3(a)(2)(A)(ii)(III)(aa) and (bb) allows regulated entities to propose AI test projects that aim to serve the public interest, improve consumer or investor access to financial products, and foster innovation, competitiveness, and efficiency. This could lead to better and more modern financial services for everyday people.
Potential Negative Impacts for People
-
Relaxed Regulations: Section 3(a)(1) and Section 3(a)(2)(A)(ii)(II) permits financial entities to experiment with artificial intelligence without the expectation of standard enforcement actions by requesting waivers or modifications of existing Federal regulations. This creates a risk that consumer protections usually enforced by the government could be weakened or bypassed during these experiments.
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Automatic Approval Risks: Section 3(a)(2)(B)(iv) states that if a financial regulatory agency fails to make a decision on an application within a 120-day extension period, the application is automatically deemed approved and effective. This means an AI test project could go forward with waived regulations without active government review or approval.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+3Good For High Income Households+1Good For Middle Class Households+1
- Economy And Finance
- Improves Economic Growth+3Improves Small Business Support+2Increases Job Creation+2Improves Consumer Protection-2
- Governance And Ideology
- Improves Interstate Commerce+2Improves Government Transparency+1Increases Federal Power+1
- Education And Technology
- Increases Big Tech Regulation-2
- 2/26/2026
- 1 Cosponsor added.
- 7/29/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 3 Cosponsors added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Martin HeinrichDemocrat · New Mexico
Andy KimDemocrat · New Jersey
Thomas TillisRepublican · North Carolina
Mark WarnerDemocrat · Virginia