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Strengthening Financial Security Against Artificial Intelligence Risks and Market Manipulation.

This law aims to protect your finances and market stability from new threats posed by artificial intelligence, such as market manipulation using deepfakes or false information. It grants regulators new powers to oversee third-party AI providers used by banks and establishes clear liability for individuals deploying AI systems that violate securities laws. This ensures greater accountability and security in the financial systems you rely on.
Key points
Increased Accountability: Individuals deploying AI models in the financial sector are held directly liable for legal violations caused by those systems, unless they took reasonable preventative steps.
Triple Penalties for Deepfakes: Civil penalties for securities fraud involving machine-manipulated media (deepfakes) can be up to three times higher than standard fines.
Regulatory Oversight: Financial regulators gain authority to examine the AI technology providers that supply services to banks, credit unions, and housing entities.
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Expired
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Additional Information
Print number: 118_S_3554
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2023-12-18
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FAIRR Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3554.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-12-18.

What are the main provisions?

Key points include:

  • Increased Accountability: Individuals deploying AI models in the financial sector are held directly liable for legal violations caused by those systems, unless they took reasonable preventative steps.
  • Triple Penalties for Deepfakes: Civil penalties for securities fraud involving machine-manipulated media (deepfakes) can be up to three times higher than standard fines.
  • Regulatory Oversight: Financial regulators gain authority to examine the AI technology providers that supply services to banks, credit unions, and housing entities.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Warner, Mark R. [D-VA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Informatization Courts and Law