118th Congress Finance and Financial Sector
S. 3554: FAIRR Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Kennedy R-LAOriginal
Who scored on this bill
- 1Mark Warner SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Mark Warner.
Show the full action history (5 actions)
- 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.
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.