Algorithmic Accountability Act of 2023

The Algorithmic Accountability Act of 2023 requires companies that deploy automated decision systems making critical life decisions (such as for housing, employment, healthcare, or financial services) to conduct impact assessments before and after implementation. Covered entities include businesses with over $50 million in annual revenue or those handling data for more than 1 million consumers, which must document system impacts and mitigate negative effects on consumers. Companies must submit annual summary reports to the Federal Trade Commission detailing their assessments, with the FTC creating a public repository of anonymized information to inform consumers and researchers. The law mandates transparency about how systems affect consumers but does not require full disclosure of all assessment details. This bill establishes concrete requirements for accountability in automated decision-making systems affecting critical aspects of consumers' lives.