AI 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

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

• Unfair discrimination and misrepresentation
• Unequal performance across groups
• Compromise of privacy
• AI system security vulnerabilities
• False or misleading information
• Cyberattacks, weapon development or use
• Fraud, scams, and targeted manipulation
• Competitive dynamics
• Governance failure
• Lack of capability or robustness

All other risk subdomains had no coverage in this document.

Risk Coverage Summary

The document has minimal coverage of risk domains, with brief mentions of discrimination (1.1), privacy (2.1), security (2.2), misinformation (3.1), malicious actors (4.1, 4.2), and governance (6.5). Coverage is primarily implicit through references to studying AI risks rather than establishing specific mitigations. The document is focused on requiring studies and reports rather than directly addressing or regulating specific AI risks.

Sector coverage

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

• Finance & Insurance
• Real Estate, Rental & Leasing
• National Security

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

• Professional & Technical Services
• Public Administration (excl. National Security)

All other sectors had no coverage in this document.

Sectors Summary

The document primarily governs AI use in Finance and Insurance, with significant coverage of Real Estate and Rental and Leasing (housing sector), and National Security (cybersecurity and financial system protection). It also addresses Professional and Technical Services through nonbank fintech firms and Public Administration through regulatory agency operations.

Legislative Status

Hard Law

Legislative Status Summary

This is a binding legislative act passed by the United States Congress with mandatory obligations requiring federal financial regulators to conduct studies and submit reports within specified timeframes.

Actors

Proposer

• Entity Types: AI_Governance_Actor
• Entities: United States Congress; Senate; House of Representatives
• Summary: The document is a Congressional bill enacted by the Senate and House of Representatives, making Congress the proposer of this governance instrument.

Target

• Entity Types: AI_Governance_Actor, AI_Developer, AI_Deployer
• Entities: Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation Board; Comptroller of the Currency; Director of the Bureau of Consumer Financial Protection; National Credit Union Administration Board; Securities and Exchange Commission; Secretary of Housing and Urban Development; Administrator of the Rural Housing Service of the Department of Agriculture; Director of the Federal Housing Finance Agency; Secretary of the Treasury; banking institutions; market participants; exchanges; financial institutions; nonbank financial technology firms; real estate agents; mortgage servicers; landlords; online housing platforms
• Summary: The Act targets federal financial regulatory agencies requiring them to conduct studies, and indirectly targets financial institutions whose AI use will be examined in these studies.

Enforcer

• Entity Types: AI_Governance_Actor
• Entities: United States Congress; Committee on Financial Services of the House of Representatives; Committee on Banking, Housing, and Urban Affairs of the Senate
• Summary: Congress enforces compliance through its oversight committees that receive the mandated reports, with enforcement through Congressional oversight mechanisms.

Monitor

• Entity Types: AI_Governance_Actor
• Entities: Committee on Financial Services of the House of Representatives; Committee on Banking, Housing, and Urban Affairs of the Senate; public (through publication requirements)
• Summary: Congressional committees monitor compliance through report submission requirements, and the public serves as a monitoring mechanism through mandatory publication of reports.

AI Lifecycle Stages

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

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

AI Lifecycle Summary

The document addresses AI use across multiple lifecycle stages, with primary focus on Deploy and Operate and Monitor stages through examination of AI applications in financial services. It also covers Build and Use Model through references to AI development and implementation, and touches on Verify and Validate through compliance and risk management requirements.

Technical Scope

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

No technical scope terms identified.

Technical Scope Summary

The document uses the term 'AI' throughout but does not explicitly define or distinguish between AI models, AI systems, or specific types of AI. It references AI technology broadly without specifying technical characteristics, compute thresholds, or model types. The focus is on AI applications and use cases rather than technical specifications.