Congress tells financial regulators to watch AI in banks.
S. 5358 — FAIRR Act · Filed by Mark Warner (D-VA) · 1 cosponsor · Introduced Aug 6, 2026 · Referred to committee
Your members of Congress
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What it does
The Financial Stability Oversight Council must study how banks use AI. It must report back in 180 days. The SEC must write rules within 180 days for securities firms, brokers, and exchanges. These rules require AI policies covering testing, launching, watching, and human oversight. The bill does not ban AI use.
Who it affects
Banks, brokers, and securities exchanges must set up AI policies. Citizens may see higher bank fees from compliance costs. Regulators must study AI threats like deepfakes and rogue AI agents.
One thing to notice
The bill gives regulators 180 days to write rules, which is tight. The bill does not say who pays if AI causes harm.
From the analysis of the bill text, linked under Primary records below.
Where it stands
1 cosponsor: 1 Republicans.
- Aug 6, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Aug 6, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- Financial Stability Oversight Council — A group of regulators that watches for risks to the whole financial system.
- SEC — The Securities and Exchange Commission, which makes rules for stock markets and brokers.
- deepfakes — Fake videos or audio made by AI that look or sound real.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (9,160 characters) on Aug 24, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,206 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-17.
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