VET Artificial Intelligence Act

This bill requires the Director of the National Institute of Standards and Technology (NIST) to develop voluntary guidelines and specifications for internal and external assurances of artificial intelligence (AI) systems. It also establishes an advisory committee and requires a study on entities that conduct AI assurances.

Sec. 3, Definitions: Defines key terms including 'artificial intelligence system,' 'deployer,' 'developer,' 'Director,' 'external artificial intelligence assurance,' 'internal artificial intelligence assurance,' 'nonaffiliated third party,' and 'Secretary.'

Sec. 4, Voluntary assurance guidelines and specifications for AI systems: Requires the Director, within one year of enactment, to develop and periodically update voluntary guidelines and specifications for internal and external AI assurance. The guidelines must address consumer privacy, harm mitigation, dataset quality, documentation, governance, and other elements. The Director must solicit public comment, hold workshops, and publish the guidelines on the NIST website.

Sec. 5, Qualifications Advisory Committee: Requires the Secretary of Commerce to establish an advisory committee within 90 days of the guidelines' publication. The committee will review case studies and submit recommendations to the Secretary and Congress on qualifications, expertise, licensing, and accreditation for parties conducting AI assurance. The committee terminates one year after submitting its report.

Sec. 6, Study and report on entities that conduct AI assurances: Requires the Secretary to study the capabilities of entities that conduct internal and external AI assurances, including personnel, tools, and infrastructure. The Secretary must assess market demand, review best practices for protecting confidential information, and evaluate the feasibility of using existing NIST-accredited labs. A report with recommendations must be submitted to Congress within one year of the study's commencement.