United States Congress
FAIRR Act
December 18, 2023
Summary
The FAIRR Act would give the Financial Stability Oversight Council new duties to identify and address risks from artificial intelligence in the financial sector, including threats like deepfakes used to manipulate markets. It requires a report on regulatory gaps and recommendations, authorizes scenario-based exercises, and expands oversight of third-party AI providers. The bill also imposes treble penalties for securities violations involving machine-manipulated media and holds deployers of AI models liable for their actions unless they implement reasonable safeguards.
Source: https://www.congress.gov/bill/118th-congress/s-bill/3554
Common questions
- What does "FAIRR Act" cover?
- The FAIRR Act would give the Financial Stability Oversight Council new duties to identify and address risks from artificial intelligence in the financial…
- Which agency issued this update?
- This update was issued by United States Congress.
- When was it published?
- It was published on December 18, 2023.
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