S. 4743

[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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