The main purpose of the Financial Artificial Intelligence Risk Reduction Act, also known as the FAIRR Act, is to enhance the oversight and regulation of artificial intelligence (AI) in the financial sector. This legislation aims to ensure that the use of AI does not pose risks to the stability of the financial system and to address any gaps in existing regulations related to AI technologies. Key provisions of the FAIRR Act include the establishment of specific duties for the Financial Stability Oversight Council (FSOC) regarding AI.