(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Fair Ratepayer Accountability, Transparency, and Efficiency Standards Act or the Fair RATES Act (Sec. 2) This bill amends the Federal Power Act to permit a party to seek a rehearing and subsequent judicial review of any rate change filed by a public utility that takes effect without the Federal Energy Regulatory Commission (FERC) issuing an order making such change effective. (Public utilities must give FERC and the public a 60-day notice before a proposed rate change can take effect.)