# 119-s-5358: FAIRR Act

119-s-5358, FAIRR Act, is a 119th Congress bill sponsored by Sen. Warner, Mark R. [D-VA] (D-VA); status introduced; PRIA reads it as touching household money (as of 2026-08-21).

- Canonical: https://policyrisk.com/legislation/119-s-5358
- As of: 2026-08-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-5358
- Congress: 119
- Title: FAIRR Act
- Status: introduced
- Introduced: 2026-08-06
- Sponsor: Sen. Warner, Mark R. [D-VA] (D-VA)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-08-21

## Summary

**A cross-agency AI risk framework for finance**. This bill would create the Financial Artificial Intelligence Risk Reduction Act to coordinate regulators, study how financial firms and service providers use AI, and set reporting, testing, and rulemaking paths to cut AI-driven threats to market stability. - Financial institutions and market participants would face a new Office of Financial Research study and a Financial Stability Oversight Council report that must identify AI threats such as market manipulation and risks from autonomous agents. The Council must issue that report within 180 days and will consult with firms and service providers. - Regulators would gain a formal coordination role and a process to close gaps in oversight. Member agencies would be expected to implement the Council's recommendations under existing procedures, committees get 30 days to comment, and the Congressional Review Act applies to related rules. - Third-party AI providers and credit unions would see stronger oversight through changes to the Federal Credit Union Act that expand board authority over outside AI services. The bill also requires scenario-based exercises with the private sector to test and improve defenses against AI-driven disruptions.

## Cosponsors (1)

- Sen. Kennedy, John [R-LA] (R-LA), 2026-08-06T00:00:00.000Z

## Provisions PRIA read

- New cross-agency AI risk plan: mixed, high. If enacted, the Financial Stability Oversight Council would have 180 days to report on AI threats to financial stability. The council could ask the Office of Financial Research to study how firms use AI. Relevant Congressional committees would have 30 days to comment after getting the report. The b…
- New SEC AI rules and liability: mixed, high. If enacted, the Securities and Exchange Commission would have 180 days to issue rules requiring covered market participants to govern AI. The rules would apply to issuers, brokers, dealers, security-based swap dealers, and self-regulatory organizations. The commission would require testing, monitor…
- Stronger oversight of financial vendors: mixed, medium. If enacted, the Federal Housing Finance Agency director could examine services done for regulated housing finance entities as if the entity did them itself. Regulated entities or the Office of Finance would have to tell the director within 30 days after signing a service contract or after the servi…

## Related bills

- 119-s-1748: Kids Online Safety Act
- 119-s-3990: PrEP Access and Coverage Act of 2026
- 119-s-4585: Discount Window Preparedness Act
- 119-s-4189: INSULIN Act of 2026
- 119-s-3940: Access to Fair Financing for Opportunity and Resilient Development Act
- 119-s-3524: American Battlefield Protection Program Amendments Act of 2025

## Sources
- [119-s-5358 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/5358)

## Related
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-3990: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-s-3990)
- [119-s-4585: Discount Window Preparedness Act](https://policyrisk.com/legislation/119-s-4585)
- [119-s-4189: INSULIN Act of 2026](https://policyrisk.com/legislation/119-s-4189)
- [119-s-3940: Access to Fair Financing for Opportunity and Resilient Development Act](https://policyrisk.com/legislation/119-s-3940)
- [119-s-3524: American Battlefield Protection Program Amendments Act of 2025](https://policyrisk.com/legislation/119-s-3524)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-5358 (as of 2026-08-21).