FAIRR Act

This bill would require the Financial Stability Oversight Council to work with member agencies on risks that artificial intelligence (AI) may pose to the stability of the financial system. Within 180 days, the Council would send Congress a report identifying AI-related threats, such as fake depictions of people used to manipulate markets, and gaps in current regulations, along with recommendations. A federal banking committee would run scenario-based exercises to test defenses against AI-related market disruptions. The bill would also let the Federal Housing Finance Agency examine service providers working for the entities it regulates, and would require the Securities and Exchange Commission to write rules within 180 days requiring certain market participants to address AI use in their compliance policies.

Full text and official record on Congress.gov

Sponsors

• Mark R. Warner Democrat sponsor
• 1 cosponsors