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S. 3554 118th Congress Senate

FAIRR Act

Official title: A bill to amend the Financial Stability Act of 2010 to provide the Financial Stability Oversight Council with duties regarding artificial intelligence in the financial sector, and for other purposes.

Introduced: December 18, 2023 Introduced by: Mark R. Warner Democratic · Virginia See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresAdvanced technology and technological innovationsAdvisory bodiesBanking and financial institutions regulation
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Civil actions and liabilityComputer security and identity theftComputers and information technologyFederal Housing Finance AgencyFinancial services and investments
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 12, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-558.
Feb 8, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Feb 1, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.
Dec 18, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 18, 2023
Introduced in Senate
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 Latest action June 12, 2024

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

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 7036 Strengthening Cybersecurity for the Financial Sector Act of 2024
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 4

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

 Cosponsors 1
All 1 Republican 1
R
Kennedy, John
Louisiana · Dec 18, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3554: FAIRR Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-3554/
MLA
"S. 3554: FAIRR Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3554/.
Bluebook (legal)
S. 3554, 118th Cong. (2026), https://openamerica.io/bill/118-S-3554/.
Markdown link
[S. 3554: FAIRR Act](https://openamerica.io/bill/118-S-3554/)
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