Rounds Introduces Artificial Intelligence Policy Package

WASHINGTON - U.S. Senator Mike Rounds (R-S.D.), co-chair of the Senate AI Caucus, has introduced a package of bipartisan artificial intelligence (AI) legislation that will increase AI literacy, enable the use of AI to enhance the efficiency of US Shipyards, spur innovation in financial services and improve healthcare outcomes. The package consists of five bills:

• The GUIDE AI Act: Establishes a centralized data exchange center for biomedical data through the National Institutes of Health (NIH), the National Library of Medicine (NLM) and the National Artificial Intelligence Research Resource (NAIRR).
• The Unleashing AI Innovation in Financial Services Act: Establishes regulatory sandboxes at financial regulatory agencies for regulated entities to test AI projects, allowing them to responsibly experiment with cutting-edge technologies in the financial services space.
• The Consumers LEARN AI Act: Develops a national literacy strategy, providing specific AI use case guidance and conducting a national media campaign to help consumers make informed decisions about how they use and interact with AI.
• The Increasing AI Transparency in Financial Services Act: Requires reports on AI regulation in the financial services industry.
• Legislation to require the Secretary of Defense to carry out a pilot program on using AI-enabled software to optimize operations of depots, shipyards and other manufacturing facilities run by the Department of Defense. This bill has been included in the base text of the Senate FY25 National Defense Authorization Act.

"Following the AI Insight Forums held in late 2023, we have been looking at ways to promote the safe, responsible use of artificial intelligence in the lives of the American people," said Rounds. "I fully believe each of these bills helps the United States make strides toward unleashing AI innovation and resulting opportunities, from national defense to health care research to financial services. I look forward to continuing to work with my colleagues to study AI and implement meaningful, common-sense policies to support its growth and mitigate its risks."

Rounds serves as one of four members of the Senate's bipartisan AI working group, along with Majority Leader Chuck Schumer (D-N.Y.) and Senators Todd Young (R-Ind.) and Martin Heinrich (D-N.M.). In late 2023, the group held nine insight forums that brought their Senate colleagues together with leaders from multiple industries impacted by AI to discuss policy and regulation. In May 2024, the group unveiled their bipartisan roadmap for AI policy in the United States.

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