This bill requires six major financial regulatory agencies to take a hard look at their technology systems and figure out what's holding them back from doing their jobs effectively. Right now, banking regulators are trying to monitor banks and financial institutions using outdated technology that doesn't give them real-time information about what's actually happening. The bill recognizes that old tech creates real problems—regulators can't spot risks quickly, they get incomplete or inaccurate data, and they struggle to detect illegal activities. It also notes that as banks increasingly use artificial intelligence, regulators need modern tools to understand both the benefits and dangers.

The bill asks these agencies to do two main things. First, within 180 days, they need to honestly assess what technology problems are getting in the way of their supervision work—everything from their basic computer systems to their data analysis tools. Second, they need to look at their procurement processes (how they buy or build new technology) and figure out if they can streamline the rules so they can test and adopt new systems faster. Then, within 18 months and every 5 years after that, these agencies must report back to Congress with details about what technology they're using, how they're recruiting tech talent, what new technologies the banks are adopting, and what their plans are for upgrading their own systems. The reports also need to include cost estimates for both the agencies and the banks they supervise.