By Ellen DiMauro | Updated on Jun 11, 2026 at 11:00 AM
Senator Elizabeth Warren introduced a bill requiring financial institutions to disclose their exposure to artificial intelligence companies, continuing her push for more scrutiny on the sector’s funding.
The AI Bubble Transparency Act would compel firms to report their debt and equity exposure to entities including chip makers, data centers, cloud providers and hyperscalers to the Office of Financial Research, according to the bill. Under the proposed legislation, the OFR would provide this data to Congress within a year.
The moves comes as financings for AI developments reach unprecedented heights, with companies tapping every corner of credit markets to meet capital demands. Apollo Global Management Inc. and Blackstone Inc. just finalized a $35 billion financing package for Anthrophic PBC to expand its AI infrastructure, marking one of the largest private credit deals in history.
Warren has been critical of large debt packages, urging Treasury Secretary Scott Bessent in January to launch a probe into the financings and their potential risks to the financial system.
Read More: Bessent Urged by Warren to Probe ‘Opaque’ Data Center Financings
“AI and Big Tech companies are increasingly reliant on shadowy forms of debt and balance sheet magic to fund their multi-trillion dollar AI buildouts,” Warren said. “The AI Bubble Transparency Act will give regulators and Congress the information they need to identify risks early and protect our economy from another preventable financial crisis,” she said.
Senator Richard Blumenthal is co-sponsoring the bill. Warren and Blumenthal are in the Senate minority and cannot force a vote on the legislation.
Data centers have become increasingly steeped in controversy , including in areas traditionally associated with pro-business sentiment. A number of projects have been scrapped this year amid concerns about water and power usage.
Under Warren’s bill, financial firms would be required to submit data on credit exposure, including the type of debt instrument, the size of exposure, the issuing company or counter-party, interest rate and term, and collateral. They would also have to provide additional borrower information such as annual revenue and income and total debt outstanding, including off-balance sheet debt, according to the bill.
The OFR was established by the Dodd-Frank Act and operates within the Treasury to gather data on the financial system.
Read More: Apollo Wraps Up $35 Billion Chip Deal for Anthropic
The bill would also direct the Financial Stability Oversight Council to issue a public report on the findings, including an assessment of the financial system’s interconnectedness with AI, and the extent to which financial companies have indirect exposures through other ties.
The FSOC would then make recommendations to member agencies and Congress to mitigate potential AI-fueled financial stability risks.