PlainBillCongress, translated.Legislation. Context. Public interest.Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-558.
Congressional Research Service
Version 00 · Introduced in Senate · Dec 18, 2023
Financial Artificial Intelligence Risk Reduction Act or the FAIRR Act
This bill addresses the impact of artificial intelligence on financial markets.
The bill requires the Financial Stability Oversight Council to coordinate with agencies regarding threats to the financial system posed by artificial intelligence, including the use of false representations of the likeness, speech, or actions of persons to manipulate or to cause disruptions to financial markets. The council must report on its findings and make policy recommendations to Congress. After congressional review, the council must implement these recommendations.
Showing the opening paragraphs of the official summary.
The Securities and Exchange Commission is allowed to seek treble civil penalties for violations of federal securities exchange law that involve machine-manipulated media.
The bill establishes liability for a person who, directly or indirectly, deploys or causes to be deployed an artificial intelligence model involved in a securities law violation.
The bill also provides for the regulation and supervision of certain financial organizations and service providers. For example, if a credit union that is subject to examination by the Board of Directors of the National Credit Union Administration delegates the performance of certain activities and services, this delegation must be disclosed and is subject to regulation and examination by the board.
People & committees
Sen. Warner, Mark R. [D-VA] · D–VA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-558.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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Source last updated: May 27, 2026. Consult Congress.gov for the current record.
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