AI Foundation Model Transparency Act of 2026

This bill requires large AI companies and organizations to disclose detailed information about their foundation models, including training data sources, model performance, and potential risks, before and during the model's use. The Federal Trade Commission will create specific rules outlining what information must be submitted to the agency and made publicly available, with exemptions for fully open-source models and special provisions for small businesses. Covered entities are defined as AI providers with over 10 million monthly users, significant computing power usage, or models that could pose security or safety risks, while the FTC will enforce compliance as unfair business practices.