H.R.2152 - Artificial Intelligence Practices, Logistics, Actions, and Necessities Act; AI PLAN Act (119th Congress)
Summary
H.R.2152, the AI PLAN Act, directs the Secretary of the Treasury, the Secretary of Homeland Security, and the Secretary of Commerce to develop a strategy to defend against economic and national security risks posed by AI in financial crimes. This includes fraud and the spread of misinformation. The bill mandates annual reports to Congress detailing interagency policies, available resources, and needed resources to combat AI-driven financial crimes.
The reports must consider risks like deepfakes, voice cloning, foreign election interference, synthetic identities, false flags in markets, and overall digital fraud. The bill also requires recommendations for legislative action and best practices for businesses and government entities.
In short, the bill aims to proactively address the emerging threats of AI in financial crimes through strategic planning and resource allocation.
Expected Effects
The AI PLAN Act will likely lead to increased scrutiny and regulation of AI applications in the financial sector. It will also foster collaboration between government agencies and private entities to develop countermeasures against AI-driven fraud and misinformation. This could result in new laws, regulations, and technological solutions to mitigate these risks.
Furthermore, the Act will likely increase funding for research and development in AI security and detection technologies. The Act will also raise awareness among businesses and consumers about the potential dangers of AI-related financial crimes.
Finally, the Act will likely lead to a more coordinated national effort to combat AI-driven financial crime, involving multiple federal agencies and stakeholders.
Potential Benefits
- Enhanced protection of financial markets and individual investors from AI-driven fraud.
- Improved national security by countering AI-enabled misinformation campaigns.
- Increased awareness and preparedness among businesses and consumers regarding AI-related financial risks.
- Fostered innovation in AI security technologies and countermeasures.
- Strengthened interagency coordination in addressing emerging technological threats.
Potential Disadvantages
- Potential for increased regulatory burden on businesses utilizing AI in financial services.
- Risk of government overreach in monitoring and regulating AI technologies.
- Possible delays in the implementation of AI solutions due to increased compliance requirements.
- Potential for the strategy to become outdated quickly due to the rapidly evolving nature of AI.
- The strategy's effectiveness depends heavily on the accuracy and timeliness of threat assessments.
Constitutional Alignment
The AI PLAN Act appears to align with the Constitution's broad goals of providing for the common defense and promoting the general welfare, as stated in the Preamble. Specifically, the Act's focus on protecting financial markets and national security from AI-driven threats falls under the purview of Congress's power to regulate commerce (Article I, Section 8) and provide for national defense (Article I, Section 8).
While the Act does not directly infringe upon individual liberties, its implementation must be carefully monitored to ensure compliance with the Fourth Amendment (protection against unreasonable searches and seizures) and the First Amendment (freedom of speech), particularly in the context of regulating misinformation.
Overall, the Act seems constitutionally sound, provided that its implementation respects individual rights and adheres to due process.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).