U.S. Congress legislation · 119th Congress
SB5358: FAIRR Act
Status: In committee, August 6, 2026
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.
What the bill says
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.
From the introduced text, August 6, 2026:
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. SECTION 1. Short title This Act may be cited as the Financial Artificial Intelligence Risk Reduction Act or the FAIRR Act . SECTION 2. Special provisions regarding artificial intelligence in the financial sector (a) In general Subtitle A of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 et seq. ) is amended by adding at the end the following: SECTION 126. Special provisions regarding artificial intelligence in the financial sector (a) Definition In this section, the term artificial intelligence has the meaning given the term in section 5002 of the National Artificial Intelligence Initiative Act of 2020 ( 15 U.S.C. 9401 ). (b) Coordination, report, and recommendations The Council shall coordinate with member agencies with regard to potential risks to the stability of the financial system posed by artificial intelligence, including-- (1) direct the Office of Financial Research, as appropriate, to conduct research into the uses of artificial intelligence by financial institutions and entities providing services to or performing functions on behalf of financial institutions; (2) identify threats to the stability of the financial system posed by the use of artificial intelligence tools and technologies, such as-- (A) …
Sponsors
- Warner, Mark (D) · primary sponsor
- Kennedy, John (R)
Latest actions
- : Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- : Introduced in Senate
Subjects: Finance and Financial Sector
Common questions
- What is SB5358?
- SB5358 is a bill in Congress (119th Congress): FAIRR Act.
- What does SB5358 do?
- In its own words: 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.
- What is the status of SB5358?
- In committee as of August 6, 2026. Latest action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (August 6, 2026).
- Who sponsored SB5358?
- Warner, Mark (D), with 1 co-sponsor.
- Where is the official record for SB5358?
- On the Congress website: https://www.congress.gov/bill/119th-congress/senate-bill/5358
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.