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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4743 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4743
To require the Office of Financial Research to compel data relating to
the financing of artificial intelligence development, provide that data
to Congress, and issue recommendations to financial regulatory agencies
and Congress to mitigate financial stability risk, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 10, 2026
Ms. Warren (for herself and Mr. Blumenthal) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require the Office of Financial Research to compel data relating to
the financing of artificial intelligence development, provide that data
to Congress, and issue recommendations to financial regulatory agencies
and Congress to mitigate financial stability risk, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``AI Bubble Transparency Act''.
SEC. 2. FINANCIAL SYSTEM EXPOSURE TO ARTIFICIAL INTELLIGENCE SECTOR.
Subtitle B of the Financial Stability Act of 2010 (12 U.S.C. 5341
et seq.) is amended by adding at the end the following:
``SEC. 157. DATA COLLECTION ON FINANCIAL SYSTEM EXPOSURE TO ARTIFICIAL
INTELLIGENCE SECTOR.
``(a) Artificial Intelligence Defined.--In this section, the term
`artificial intelligence' has the meaning given that term in section
5002 of the National Artificial Intelligence Initiative Act of 2020 (15
U.S.C. 9401).
``(b) Data Collection.--
``(1) Reporting on exposure.--
``(A) In general.--Not later than 180 days after
the date of enactment, the Director shall order all
financial companies to submit data, subject to the
limitation under paragraph (2), relating to their
exposure to debt and equity instruments connected to
companies that support artificial intelligence hardware
and physical infrastructure, including chip makers and
data centers, hyperscalers and neocloud providers,
model originators and developers, and data
infrastructure.
``(B) Data contents.--The data required to be
submitted under subparagraph (A) shall include the
following:
``(i) Reporting of credit exposure.--Data
relating to credit exposure, including--
``(I) type of debt instrument;
``(II) size of the exposure;
``(III) issuing company or
counterparty;
``(IV) interest rate;
``(V) term;
``(VI) collateral pledged; and
``(VII) additional borrower
characteristics, such as--
``(aa) subsector
classification;
``(bb) annual revenue and
net income;
``(cc) total market
capitalization, if applicable;
and
``(dd) total debt and other
outstanding liabilities,
including those held off-
balance sheet.
``(ii) Reporting of equity exposure.--Data
relating to equity exposure, including--
``(I) type of equity instrument;
``(II) size of the exposure; and
``(III) additional company
characteristics, such as--
``(aa) subsector
classification;
``(bb) annual revenue and
net income;
``(cc) total market
capitalization, if applicable;
and
``(dd) total debt and other
outstanding liabilities,
including those held off-
balance sheet.
``(iii) Other.--Any other information the
Director determines necessary for evaluating
the exposure of the financial companies to debt
and equity instruments connected to the
artificial intelligence sector.
``(2) Limitation.--The Director may exempt small financial
companies, including banks with less than $10,000,000,000 in
assets, and financial companies with less than $500,000,000 of
financial exposure to the instruments described in paragraph
(1) from the reporting requirements under this section.
``(c) Enforcement Authority.--The Director shall use the authority
under section 153(f) to compel data from any financial company that
fails to comply with the data collection required under this section.
``(d) Report and Recommendations.--
``(1) Report required.--Not later than 1 year after the
date of enactment of this Act, the Chair of the Financial
Stability Oversight Council shall issue and make publicly
available a report on the findings of the data collection under
this section that evaluates--
``(A) the size, scope, complexity, and
interconnectedness of the financial system's exposure
to debt and equity instruments connected to artificial
intelligence development;
``(B) the transmission channels through which a
severe decline in value of debt and equity instruments
connected to artificial intelligence could threaten the
stability of the financial system of the United States;
and
``(C) the extent to which financial companies are
indirectly exposed to debt and equity instruments
connected to artificial intelligence development
through financing arrangements with other financial
companies.
``(2) Recommendations.--The Council shall use the authority
under section 120 to issue policy recommendations to member
agencies and to Congress to mitigate financial stability risks
relating to the financing of artificial intelligence
development.
``(e) Submission to Congress.--Not later than 1 year after the date
of enactment of this Act, the Director shall submit to the Chairs and
Ranking Members of the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services of the House of
Representatives, in unredacted form, the data collected under this
section.''.
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