Sens. Rounds, Heinrich offer bicameral bill to test AI for financial services

Sens. Mike Rounds (R-SD) and Martin Heinrich (D-NM) have unveiled bicameral legislation that would set up testing “sandboxes” at financial regulatory agencies to allow banks and other institutions to safely explore how AI could benefit consumers and the financial services industry.

“By creating these sandboxes, 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,” Rounds said in an Aug. 5...