1. Short title This Act may be cited as the Artificial Intelligence Advancement Act of 2023 . 2. Definitions In this Act: (1) Congressional defense committees The term congressional defense committees has the meaning given such term in section 101 of title 10, United States Code. (2) Foundational artificial intelligence model The term foundational artificial intelligence model means an adaptive generative model that is trained on a broad set of unlabeled data sets that can be used for different tasks, with minimal fine-tuning. 3. Report on artificial intelligence regulation in financial services industry (a) In general Not later than 90 days after the date of enactment of this Act, each of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Bureau of Consumer Financial Protection shall submit to the Committee on Banking, Housing and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on its gap in knowledge relating to artificial intelligence, including an analysis on— (1) which tasks are most frequently being assisted or completed with artificial intelligence in the institutions the agency regulates; (2) current governance standards in place for artificial intelligence use at the agency and current standards in place for artificial intelligence oversight by the agency; (3) potentially additional regulatory authorities required by the agency to continue to successfully execute its mission; (4) where artificial intelligence may lead to overlapping regulatory issues between agencies that require clarification; (5) how the agency is currently using artificial intelligence, how the agency plans to use such artificial intelligence the next 3 years, and the expected impact, including fiscal and staffing, of those plans