FAIRR Act
The source supplies the latest action, but no lifecycle stage.
Latest action (6 Aug 2026): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
What this bill does
S. 5358 would amend the Financial Stability Act of 2010 to give the Financial Stability Oversight Council new duties related to artificial intelligence in the financial sector. Because the bill's full text has not yet been published, the specific provisions, requirements, or mechanisms it would establish are not known at this time.
The bill would primarily affect the Financial Stability Oversight Council, an interagency body that monitors risks to the U.S. financial system, by expanding its responsibilities to cover AI-related matters. Beyond this, it is not yet possible to say which other agencies, financial institutions, or market participants would be affected, or how, since those details depend on text that has not been released.
The bill was introduced in the Senate on August 6, 2026, by Senator Mark Warner (D-VA). Its current status is "Introduced," which is the first stage of the legislative process. Next steps would typically include committee review, where the bill could be amended, followed by potential committee votes before any further action by the full Senate. No timeline for these next steps is currently available.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
6 Aug 2026
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Common questions
- What does S. 5358 do?
- S. 5358 would amend the Financial Stability Act of 2010 to give the Financial Stability Oversight Council new duties related to artificial intelligence in the financial sector. Because the bill's full text has not yet been published, the specific provisions, requirements, or mechanisms it would establish are not known at this time. The bill would primarily affect the Financial Stability Oversight Council, an interagency body that monitors risks to the U.S. financial system, by expanding its responsibilities to cover AI-related matters. Beyond this, it is not yet possible to say which other agencies, financial institutions, or market participants would be affected, or how, since those details depend on text that has not been released. The bill was introduced in the Senate on August 6, 2026, by Senator Mark Warner (D-VA). Its current status is "Introduced," which is the first stage of the legislative process. Next steps would typically include committee review, where the bill could be amended, followed by potential committee votes before any further action by the full Senate. No timeline for these next steps is currently available.
- Has S. 5358 become law?
- The source does not supply a confirmed lifecycle stage for S. 5358. Check the latest action and official source below.
- Who sponsored S. 5358?
- S. 5358 was sponsored by Sen. Warner, Mark R. [D-VA] (D-VA), with 1 cosponsor.
- What's the latest action on S. 5358?
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (6 Aug 2026).
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