1. Short title This Act may be cited as the Federal Artificial Intelligence Risk Management Act of 2024 . 2. Agency use of artificial intelligence (a) Definitions In this section: (1) Administrator The term Administrator means the Administrator of Federal Procurement Policy. (2) Agency The term agency means any department, independent establishment, Government corporation, or other agency of the executive branch of the Federal Government. (3) Artificial intelligence The term artificial intelligence has the meaning given the term in section 5002 of the National Artificial Intelligence Initiative Act of 2020 ( 15 U.S.C. 9401 ). (4) Director The term Director means the Director of the National Institute of Standards and Technology. (5) Framework The term framework means document number NIST AI 100–1 of the National Institute of Standards and Technology entitled Artificial Intelligence Risk Management Framework , or any successor document. (6) Playbook The term playbook means the AI RMF Playbook developed by the National Institute of Standards and Technology. (7) Profile The term profile means an implementation of the artificial intelligence risk management functions, categories, and subcategories for a specific setting or application based on the requirements, risk tolerance, and resources of the framework user. (b) Requirements for agency use of artificial intelligence (1) OMB Guidance Not later than 180 days after the date on which the Director of the National Institute of Standards and Technology issues guidelines under paragraph (2), the Director of the Office of Management and Budget shall issue guidance requiring agencies to incorporate the framework and the guidelines into their artificial intelligence risk management efforts, consistent with such guidelines. (2) NIST Guidelines Not later than 1 year after the date of the enactment of this Act, the Director of the National Institute of Standards and Technology shall, in consultation with the Administrator, issue guidance for agencies to incorporate the