Sen. Rounds leads on bill creating financial-sector ‘innovation labs’ for testing AI

Sen. Mike Rounds (R-SD) along with Senate and House partners have reintroduced a bipartisan bill directing financial regulators to “create Innovation Labs” in which companies can test artificial intelligence products with liability protection, tracking with an initiative in the Trump administration’s AI action plan.

“The financial services industry has been using AI for decades, but companies must have the opportunity to innovate as major advancements continue to develop,” Rounds said in a July 30 statement.

“The Unleashing AI Innovation in...