RELEASE: Gottheimer Helps Lead Bipartisan, Bicameral Bill to Promote Artificial Intelligence Innovation in Financial Services

WASHINGTON, D.C. — Today, July 30, 2025, U.S. Congressman Josh Gottheimer (NJ-5), alongside House Financial Services Committee Chairman French Hill (AR-2), Reps. Richie Torres (NY-15) and Bryan Steil (WI-1), and Senators Mike Rounds (R-SD), Andy Kim (D-NJ), Thom Tillis (R-NC), and Martin Heinrich (D-NM) introduced bipartisan, bicameral legislation to promote artificial intelligence (AI) innovation in the financial services industry.

The Unleashing AI Innovation in Financial Services Act will direct financial regulatory agencies to create Innovation Labs for regulated entities to test AI projects, allowing them to experiment with cutting-edge technologies in a safe way.

Click HERE to read the full bill text.

“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 Congressman Josh Gottheimer (NJ-5). “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.”

“As AI continues to evolve, we must understand its full impact because it will touch every part of our lives,” said House Financial Services Committee Chairman French Hill (AR-2). “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,” said Congressman Ritchie Torres (NY-15). “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,” said Congressman Bryan Steil (WI-1).

“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 Mike Rounds (R-SD). “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.”

“To unlock AI’s full potential and ensure it is deployed responsibly, we need regulatory guardrails that are informed by real-life use cases,” said Senator Martin Heinrich (D-NM). “Our Unleashing AI Innovation in Financial Services Act does exactly this by enabling the private sector and government agencies to work together and encourage innovation that protects consumers.”

The Unleashing AI Innovation in Financial Services Act establishes regulatory innovation labs for AI test projects at the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA). Regulated entities would apply through their primary regulator and must be able to demonstrate that the project will serve the public interest (including consumer protection), enhance efficiency or increase competitiveness, and not present a systemic risk to the financial system.

###