I’d like to propose a bill after a hacker attempted to steal my crypto and banking funds. Americans sadly, have to suffer in agony for a total of one week. After following these financial institutions’ guidelines to report fraudulent logins into multiple accounts. These financial institutions refer consumers to AI-Chat bots, Bots, and email to resolve their urgent theft reporting issues. This is unacceptable as the lack of a human (that can be created to become a 24-7 job) could have resolved claims in less than a 15-minute conversation. No Citizen who is transferring assets and learning about Crypto should be painfully inconvenienced for a week to put a lock on their assets.
The Financial Transparency and Human Accountability Act
Section 1: Title and Purpose
(a) This Act shall be known as the “Financial Transparency and Human Accountability Act.”
(b) The purpose of this Act is to mandate full transparency in financial institutions operating with U.S. citizens and ensure the availability of human representatives to address cyber theft and banking technical issues.
Section 2: Definitions
(a) “Financial Institution” refers to any banking, insurance, or cryptocurrency entity conducting business with U.S. citizens.
(b) “Human Representative” refers to an individual employed by the financial institution to resolve customer issues in real time.
(c) “AI Bots” refer to automated systems, chatbots, or artificial intelligence-driven customer service solutions.
(d) “Cyber Theft” refers to unauthorized access, hacking, or any fraudulent digital activity impacting customer funds or data.
Section 3: Mandatory Transparency Requirements
(a) All financial institutions must disclose detailed financial reports, including, but not limited to, operational practices, data security measures, and customer service policies.
(b) Transparency reports must be made publicly available on the institution’s website and filed annually with the Federal Financial Regulatory Authority.
(c) Institutions must inform customers within 24 hours of any cybersecurity breaches or suspected unauthorized access to accounts.
Section 4: Human Customer Support Mandate
(a) All financial institutions must provide direct access to human representatives for account-related issues, cybersecurity threats, and technical difficulties.
(b) No financial institution shall replace human representatives with AI Bots, automated emails, or other artificial intelligence-driven systems for resolving fraud claims or cyber theft issues.
(c) Institutions must maintain a minimum 24/7 customer service line where customers can speak to a human representative within 10 minutes of initiating contact.
Section 5: Immediate Resolution of Cyber Theft and Technical Issues
(a) Financial institutions must initiate customer dispute resolutions within 24 hours of a reported cyber theft or unauthorized account access.
(b) No institution shall mandate a waiting period longer than 48 hours for password recovery, fraud claim reviews, or account security changes.
(c) Institutions found in violation of this section shall be liable for immediate restitution to affected customers, along with additional penalties determined by regulatory bodies.
Section 6: Penalties for Non-Compliance
(a) Institutions failing to comply with the provisions of this Act shall be subject to fines ranging from $500,000 to $5,000,000 per violation.
(b) Repeat violations may result in additional penalties, including revocation of business licenses, restrictions on operations, and government-mandated audits.
(c) Customers impacted by non-compliance may pursue class-action lawsuits against violating financial institutions.
Section 7: Enforcement and Oversight
(a) A new independent oversight agency, the Financial Consumer Protection Task Force (FCPTF), shall be established to monitor compliance with this Act.
(b) The FCPTF will have authority to investigate complaints, conduct audits, and issue penalties against non-compliant institutions.
(c) Financial institutions must submit quarterly compliance reports to the FCPTF detailing adherence to the provisions outlined in this Act.
Section 8: Implementation and Effective Date
(a) This Act shall take effect 90 days after its passage.
(b) All financial institutions must be fully compliant within six months of the effective date.
(c) The Federal Financial Regulatory Authority, in coordination with the FCPTF, shall develop additional guidance to ensure smooth implementation.
Section 9: Severability Clause
If any provision of this Act is found to be unconstitutional or otherwise invalid, the remaining provisions shall not be affected and shall continue in full force and effect.
Section 10: Citizen Participation and Reporting
(a) Citizens shall have the right to report violations of this Act directly to the FCPTF.
(b) Financial institutions must maintain an accessible portal where customers can file complaints regarding non-compliance.
Conclusion:
This Act is designed to protect U.S. citizens from financial fraud, ensure timely resolutions of cyber theft incidents, and mandate transparency in financial institutions. The enforcement of human-led customer service will restore trust in the financial sector and guarantee consumer rights and security.