Responsible AI Disclosure Act of 2024

• Authority: United States Congress
• Parent authority: Federal government
• Jurisdiction: United States
• Collections: U.S. federal laws
• Most recent activity: Defunct
• Most recent activity date: 2025-01-03

Risk subdomain coverage

Good coverage — Comprehensive governance measures or mitigations with clear procedures relating to the risk subdomain are explicitly described.

• Lack of transparency or interpretability

Minimal coverage — Brief mention but no specific mitigations, recommendations or governance measures relating to the risk subdomain are described.

• Unfair discrimination and misrepresentation
• Governance failure

All other risk subdomains had no coverage in this document.

Risk Coverage Summary

The document has minimal coverage of risk domains, with limited focus on transparency and governance mechanisms. Primary coverage relates to lack of transparency (7.4) through disclosure requirements, and governance failure (6.5) through regulatory oversight mechanisms. The document addresses procedural transparency rather than specific AI harms or risks.

Sector coverage

Good coverage — Comprehensive governance measures or mitigations with clear procedures relating to the sector are explicitly described.

• Finance & Insurance

All other sectors had no coverage in this document.

Sectors Summary

The document exclusively governs the Finance and Insurance sector, specifically targeting AI systems used by regulated financial entities including banks, credit unions, investment firms, and entities under consumer financial protection oversight.

Legislative Status

Hard Law

Legislative Status Summary

This is a binding federal statute enacted by Congress with mandatory language requiring covered agencies to conduct studies, issue reports, and potentially implement disclosure requirements for AI systems used by regulated financial entities.

Actors

Proposer

• Entity Types: AI_Governance_Actor
• Entities: United States Congress; Senate and House of Representatives
• Summary: The document is a federal statute enacted by Congress, as indicated by the opening enactment clause and the legislative structure.

Target

• Entity Types: AI_Developer, AI_Deployer
• Entities: regulated entities; vendors providing artificial intelligence systems; Board of Governors of the Federal Reserve System; Bureau of Consumer Financial Protection; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency; National Credit Union Administration; Securities and Exchange Commission
• Summary: The Act applies to regulated financial entities and AI vendors serving those entities, as well as the covered agencies that regulate them. Regulated entities include banks, credit unions, and covered persons under consumer financial protection law.

Enforcer

• Entity Types: AI_Governance_Actor
• Entities: Board of Governors of the Federal Reserve System; Bureau of Consumer Financial Protection; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency; National Credit Union Administration; Securities and Exchange Commission
• Summary: The covered agencies are explicitly granted authority to require disclosures and implement requirements after conducting the study and issuing the report.

Monitor

• Entity Types: AI_Governance_Actor
• Entities: Board of Governors of the Federal Reserve System; Bureau of Consumer Financial Protection; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency; National Credit Union Administration; Securities and Exchange Commission; Committee on Financial Services of the House of Representatives; Committee on Banking, Housing, and Urban Affairs of the Senate
• Summary: The covered agencies are responsible for conducting the study and monitoring compliance, while Congressional committees receive reports on findings and recommendations.

AI Lifecycle Stages

Lifecycle stages covered by the documents, as defined in the OECD Framework for the Classification of AI Systems

• Plan and Design
• Collect and Process Data
• Build and Use Model
• Verify and Validate
• Deploy
• Operate and Monitor

AI Lifecycle Summary

The document primarily covers the Build and Use Model stage through requirements for disclosure of training data and methodologies. It also addresses Deploy and Operate and Monitor stages by requiring information about how models function and are utilized by regulated entities.

Technical Scope

Terms relating to technical scope that are mentioned or implicitly referenced in the document

• AI Models
• AI Systems

Technical Scope Summary

The document explicitly mentions AI systems and AI models, focusing on vendor-provided artificial intelligence systems utilized by regulated financial entities. It addresses training data, methodologies, and model design but does not specify particular types of AI (frontier, general purpose, task-specific, etc.) or compute thresholds.