Bill Foster Releases Discussion Draft of the Real-Time Regulatory Study Act of 2026 to Advance Federal Reserve Testing of AI Financial Regulatory Tools

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U.S. Representative Bill Foster released a discussion draft of the Real-Time Regulatory Study Act of 2026, which would require the Federal Reserve to test open-source demonstration software for financial regulation. The project would assess whether regulators can monitor the condition of banks and other financial institutions in real time while reducing the cost of regulatory reporting. The software would provide standardized regulatory data formats and tools for managing and transmitting data, helping smaller institutions, community banks, and credit unions reduce manual reporting work.