The bill S. 3554, titled the "Financial Artificial Intelligence Risk Reduction Act" or "FAIRR Act," aims to amend the Financial Stability Act of 2010 by assigning the Financial Stability Oversight Council new responsibilities related to the use of artificial intelligence in...
Simple Explanation
The FAIRR Act is a new rule that asks special money experts to look at how computers making their own decisions (AI) can affect money and making sure it's safe. It wants to set rules to make sure these super-smart computers don't cause big money problems.