FAIRR Act

Summary

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. 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.

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Timeline

1. 18 December 2023

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 18 December 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 1 February 2024

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.

   Source: Committee

4. 8 February 2024

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held.

   Source: Committee

5. 12 June 2024

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-558.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 December 2023 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 December 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 December 2023

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 18 December 2023

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Warner, Mark R. [D-VA] · D · Sponsor
• Sen. Kennedy, John [R-LA] · R · Sponsor
• · ssbk00 · Standing

Related records

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