Artificial intelligence (AI) is transforming our everyday reality, and it has the potential to save or to cost lives. Innovation is advancing at a breakneck pace, with technology developers engaging in de facto policy-setting through their decisions about the use of data and the embedded bias in their algorithms. Policymakers must keep up. Otherwise, by ceding decision-making authority to technology companies, we face the rising threat of becoming a technocracy. Given the potential benefits and threats of AI to US national security, economy, health, and beyond, a comprehensive and independent agency is needed to lead research, anticipate challenges posed by AI, and make policy recommendations in response. The Biden-Harris Administration should create the Fair Artificial Intelligence Research & Regulation (FAIRR) Bureau, which will bring together experts in technology, human behavior, and public policy from all sectors – public, private, nonprofit, and academic – to research and develop policies that enable the United States to leverage AI as a positive force for national security, economic growth, and equity. The FAIRR Bureau will adopt the interdisciplinary, evidence-based approach to AI regulation and policy needed to address this unprecedented challenge.