This legislation mandates that all federal agencies adopt and utilize the Artificial Intelligence Risk Management Framework developed by the National Institute of Standards and Technology (NIST). It amends existing law to establish new requirements for AI systems used by federal agencies and their contractors. Specifically, the Director of NIST, in consultation with the Office of Management and Budget and other agencies, is tasked with developing comprehensive federal standards and guidelines . These include minimum requirements for AI systems, managing risks associated with AI trustworthiness, and authenticating, tracking, and labeling synthetic content generated by or for agencies. These standards and guidelines are generally not applicable to national security systems. NIST must ensure these standards are consistent with its AI Risk Management Framework and enable conformity assessment. The bill also requires NIST to recommend training, identify performance indicators, and periodically assess the effectiveness of these guidelines. Once deemed ready for widespread adoption, NIST will submit these standards to the Secretary of Commerce for promulgation. Furthermore, the bill directs NIST to conduct a gap analysis of existing technical standards for the testing, evaluation, verification, and validation of AI system acquisitions. Following this analysis, NIST will convene stakeholders to develop and update specific standards and guidelines for these critical aspects of AI procurement, reporting its findings and plans to Congress.