“I support this bill. Our government agencies can't keep up with technology. This is dangerous. Banks failed last year because of technology. Billions of dollars were lost very fast. We need to update the technology in these agencies. They need better tools and systems. They need to be able to spot risks quickly. They need to find problems and fix them. They need to plan for the future. I want this bill to pass. I want our government to keep up with new technology.”
“I want the House to pass this bill. It requires federal bank regulators to review their technology every five years and fix any gaps. New technology like AI can make bank runs and fraud happen faster, so regulators need modern tools to keep up.”
“Mr. Speaker, I thank Representative Stutzman for his partnership on this legislation and my colleagues on the House Financial Services Committee for their unanimous support of the bipartisan FUTURES Act. The FUTURES Act takes important first steps to modernize the financial regulatory regime and ensures that regulators have appropriate tools for the 21st century. It requires Federal banking regulators and the Consumer Financial Protection Bureau to regularly review their technological systems and procurement practices to ensure that they are well-equipped to address emerging threats. Agencies will examine whether they have access to the right information when they need it and whether they have systems in place to identify rapidly emerging risk. The bill then asks regulators to develop a plan to address any technology gaps that they identify, requiring additional reviews every 5 years. As we saw with the bank failures in 2023, 24-hour banking tools and social media-fueled panic can intensify bank runs and increase the risk of contagion. Silicon Valley Bank's depositors attempted to withdraw $42 billion from the bank in 24 hours, with more than $100 billion in additional withdrawals requested before it was shut down and put into receivership by the FDIC. This bill comes at a time when financial institutions and regulators are responding to new opportunities and challenges stemming from emerging technologies. Artificial intelligence and agentic commerce have great potential benefits for consumers and businesses, but they also have the potential to supercharge cybersecurity risk, contagion, and fraud, and can destabilize our financial system far more quickly than in years past. At the same time, these technologies provide tools that regulators and financial institutions can use to improve and simplify bank supervision, to identify suspicious activity, and to improve the quality of customer service. Maintenance of a well-regulated financial system requires continual investment in new tools, a workforce with the necessary technical skills, and streamlined procurement rules that allow regulators to keep up with rapid developments in the private sector. I support this forward-looking and bipartisan bill, and I encourage my colleagues to vote ``yes.''”
Official Congressional Record
Mr. Speaker, I thank Representative Stutzman for his partnership on this legislation and my colleagues on the House Financial Services Committee for their unanimous support of the bipartisan FUTURES Act. The FUTURES Act takes important first steps to modernize the financial regulatory regime and ensures that regulators have appropriate tools for the 21st century. It requires Federal banking regulators and the Consumer Financial Protection Bureau to regularly review their technological systems and procurement practices to ensure that they are well-equipped to address emerging threats. Agencies will examine whether they have access to the right information when they need it and whether they have systems in place to identify rapidly emerging risk. The bill then asks regulators to develop a plan to address any technology gaps that they identify, requiring additional reviews every 5 years. As we saw with the bank failures in 2023, 24-hour banking tools and social media-fueled panic can intensify bank runs and increase the risk of contagion. Silicon Valley Bank's depositors attempted to withdraw $42 billion from the bank in 24 hours, with more than $100 billion in additional withdrawals requested before it was shut down and put into receivership by the FDIC. This bill comes at a time when financial institutions and regulators are responding to new opportunities and challenges stemming from emerging technologies. Artificial intelligence and agentic commerce have great potential benefits for consumers and businesses, but they also have the potential to supercharge cybersecurity risk, contagion, and fraud, and can destabilize our financial system far more quickly than in years past. At the same time, these technologies provide tools that regulators and financial institutions can use to improve and simplify bank supervision, to identify suspicious activity, and to improve the quality of customer service. Maintenance of a well-regulated financial system requires continual investment in new tools, a workforce with the necessary technical skills, and streamlined procurement rules that allow regulators to keep up with rapid developments in the private sector. I support this forward-looking and bipartisan bill, and I encourage my colleagues to vote ``yes.''
“I support this bill. It makes regulators look at their technology. They need to report to Congress. Regulators must understand how banks use AI. They also need to see how bad people might use AI to hurt banks. AI could cause faster bank runs. We need to make sure regulators have good technology. We also need to look at the rules for buying technology. There was a bad executive order last year about AI procurement. It ignored problems with bias in AI. That approach is bad. It may go against our laws. The AI tools regulators buy should help enforce all laws. This includes laws against discrimination. This bill is a good first step. But there is a bigger issue now. What if AI becomes self-aware and sets its own goals? That is a big problem. Congress should spend more time on that. But for now, pass this bill.”
“I want the House to pass this bill. It requires banking regulators to study their technology and report back to Congress. Regulators need better tools to oversee how banks use artificial intelligence, stop bad actors from attacking banks, and make sure banks follow laws that ban discrimination.”
“Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 8278, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, as amended, authored by Representative Stutzman. I particularly note that this bill starts with the word ``fostering,'' and so it is appropriate that it is co-led by the gentleman from Illinois (Mr. Foster). Who else could do a better job of fostering than Mr. Foster? This bill represents an important step in allowing Congress to better understand the technological vulnerabilities our banking regulators face. They come in at least two categories. One is to understand how banks are using AI and to make sure that banks are complying with all of our consumer protection and prudential standards. The second is to make sure that our regulators are in a position to make sure the banks are able to prevent themselves from being hit by malicious actors who could imperil consumers or, even more, the prudential solvency of the bank. It is better for Congress to understand the technological vulnerabilities that bankers face. This bill requires the Federal banking agencies to assess and to report to Congress on gaps and vulnerabilities in their supervisory tools and their procurement processes. As AI tools continue to be deployed by financial institutions, we have to be able to make sure that our regulators understand what the banks are doing. While malicious actors are beginning to use AI, it is important for our regulators to know the threats that that could pose to our banking system. Concerns have increased about the speed and scale of AI threats to the financial system and, as Mr. Foster pointed out, the particular threat of accelerating the speed of a run on a particular bank. Requiring regulators to meet emerging risks by utilizing their own technology to support their supervisory rulemaking and enforcement activities is an important step. This is known as supervisory technology and can include both AI, as well as cloud-based services and other technologies. Supervisory technology is used by agencies with the goal of improving their supervision process, while ensuring firms comply with regulatory requirements. Importantly, this bill requires Federal banking agencies to assess the procurement process rules for new technology they may need to acquire. Now, under the Trump administration, AI has been politicized, which has created challenges for consistent procurement practices. For example, on July 23, 2025, an executive order directed agencies not to procure AI models that contain AI outputs driven by ideologies like diversity, equality, and inclusion. This is a dangerous approach which ignores the well-documented harms from algorithmic bias in housing and financial services, the workforce, and criminal justice. It also appears to contradict our existing laws. When the government agencies do their enforcement, they need to enforce all of our laws. When they use AI, they need to enforce all of the laws that apply to banking institutions. That includes the laws that prohibit discrimination, and those are just as important as any of the other laws that our bank supervisors might be called upon to enforce. The AI technology that they acquire should be applicable to enforcing those laws as well as the others. Since this bill was proposed last Congress, many of the challenges we are facing with AI are now much more apparent. It seems as though every day the news and warnings about AI becomes more dire. This bill will help Congress to better ensure that our Federal banking agencies are able to keep up with the challenges they face. But let us remember, this bill is based on last decade's big issue--how AI could be used by human beings in a way that is harmful and how AI could be used by human beings in a way that promotes the enforcement of our law, but in any case, how AI is a tool in the hands of humans beings. Now, what has exploded into our consciousness is a second issue this bill doesn't and wasn't intended to deal with, and that should not be ignored by Congress. That is what happens if AI isn't being used by human beings to achieve a human purpose but instead develops its own self-awareness, its own goals? It pains me that this Congress is leaving town at the end of this week, leaving town on Thursday, when we should be spending at least the next 2 weeks focused on what our national response is to being told that AI may not just be a tool in the hands of good and bad people, used well and perhaps not so well, but maybe something we haven't confronted before; and that is, in effect, a new and powerful self- directed intelligence. Mr. Speaker, I look forward to working on those issues. For now, we ought to pass this bill. I urge my colleagues to support it, and I reserve the balance of my time.”
Official Congressional Record
Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 8278, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, as amended, authored by Representative Stutzman. I particularly note that this bill starts with the word ``fostering,'' and so it is appropriate that it is co-led by the gentleman from Illinois (Mr. Foster). Who else could do a better job of fostering than Mr. Foster? This bill represents an important step in allowing Congress to better understand the technological vulnerabilities our banking regulators face. They come in at least two categories. One is to understand how banks are using AI and to make sure that banks are complying with all of our consumer protection and prudential standards. The second is to make sure that our regulators are in a position to make sure the banks are able to prevent themselves from being hit by malicious actors who could imperil consumers or, even more, the prudential solvency of the bank. It is better for Congress to understand the technological vulnerabilities that bankers face. This bill requires the Federal banking agencies to assess and to report to Congress on gaps and vulnerabilities in their supervisory tools and their procurement processes. As AI tools continue to be deployed by financial institutions, we have to be able to make sure that our regulators understand what the banks are doing. While malicious actors are beginning to use AI, it is important for our regulators to know the threats that that could pose to our banking system. Concerns have increased about the speed and scale of AI threats to the financial system and, as Mr. Foster pointed out, the particular threat of accelerating the speed of a run on a particular bank. Requiring regulators to meet emerging risks by utilizing their own technology to support their supervisory rulemaking and enforcement activities is an important step. This is known as supervisory technology and can include both AI, as well as cloud-based services and other technologies. Supervisory technology is used by agencies with the goal of improving their supervision process, while ensuring firms comply with regulatory requirements. Importantly, this bill requires Federal banking agencies to assess the procurement process rules for new technology they may need to acquire. Now, under the Trump administration, AI has been politicized, which has created challenges for consistent procurement practices. For example, on July 23, 2025, an executive order directed agencies not to procure AI models that contain AI outputs driven by ideologies like diversity, equality, and inclusion. This is a dangerous approach which ignores the well-documented harms from algorithmic bias in housing and financial services, the workforce, and criminal justice. It also appears to contradict our existing laws. When the government agencies do their enforcement, they need to enforce all of our laws. When they use AI, they need to enforce all of the laws that apply to banking institutions. That includes the laws that prohibit discrimination, and those are just as important as any of the other laws that our bank supervisors might be called upon to enforce. The AI technology that they acquire should be applicable to enforcing those laws as well as the others. Since this bill was proposed last Congress, many of the challenges we are facing with AI are now much more apparent. It seems as though every day the news and warnings about AI becomes more dire. This bill will help Congress to better ensure that our Federal banking agencies are able to keep up with the challenges they face. But let us remember, this bill is based on last decade's big issue--how AI could be used by human beings in a way that is harmful and how AI could be used by human beings in a way that promotes the enforcement of our law, but in any case, how AI is a tool in the hands of humans beings. Now, what has exploded into our consciousness is a second issue this bill doesn't and wasn't intended to deal with, and that should not be ignored by Congress. That is what happens if AI isn't being used by human beings to achieve a human purpose but instead develops its own self-awareness, its own goals? It pains me that this Congress is leaving town at the end of this week, leaving town on Thursday, when we should be spending at least the next 2 weeks focused on what our national response is to being told that AI may not just be a tool in the hands of good and bad people, used well and perhaps not so well, but maybe something we haven't confronted before; and that is, in effect, a new and powerful self- directed intelligence. Mr. Speaker, I look forward to working on those issues. For now, we ought to pass this bill. I urge my colleagues to support it, and I reserve the balance of my time.
“This bill will help Congress understand problems in banking. Regulators need to report on their technology and how they buy it. We need to know how they are handling AI. Also, we need to look at some bad orders from before. Those orders ignore problems with AI bias in housing and banking. We need to make sure banks use AI to follow all the laws, especially laws about discrimination. Pass this bill.”
“I want the House to pass this bill. It makes banking agencies report to Congress on gaps in their technology. This will help regulators keep up with new risks, like artificial intelligence and unfair computer bias in housing and finance.”
“Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, H.R. 8278 is an important step to allowing Congress to better understand the technological vulnerabilities of our banking system and what is faced by our bank regulators. Requiring Federal banking agencies to assess and report to Congress on gaps and vulnerabilities in their supervisory tools and their procurement process would further efforts by our regulators to meet emerging risks. Additionally, this bill will allow Federal banking regulators to evaluate and report on the impact of the Trump administration's executive orders, which, unfortunately, ignore well-documented harms from algorithmic bias in housing and financial services. Ultimately, Congress would use the reporting from this bill to ensure that our banking agencies are able to keep up with the challenges that they face, including rapidly developing AI capacities and the need to make sure that our bank regulators are appropriately using AI to enforce all of our banking laws, including those that prevent discrimination. Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.”
Official Congressional Record
Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, H.R. 8278 is an important step to allowing Congress to better understand the technological vulnerabilities of our banking system and what is faced by our bank regulators. Requiring Federal banking agencies to assess and report to Congress on gaps and vulnerabilities in their supervisory tools and their procurement process would further efforts by our regulators to meet emerging risks. Additionally, this bill will allow Federal banking regulators to evaluate and report on the impact of the Trump administration's executive orders, which, unfortunately, ignore well-documented harms from algorithmic bias in housing and financial services. Ultimately, Congress would use the reporting from this bill to ensure that our banking agencies are able to keep up with the challenges that they face, including rapidly developing AI capacities and the need to make sure that our bank regulators are appropriately using AI to enforce all of our banking laws, including those that prevent discrimination. Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.
