Fair Representation Act This bill sets forth provisions related to ranked choice voting (a system in which voters rank candidates in order of preference) and congressional redistricting. Specifically, the bill requires (1) that ranked choice voting be used for all elections for Senators and Members of the House of Representatives, (2) that states entitled to six or more Representatives establish districts such that three to five Representatives are elected from each district, and (3) that states entitled to fewer than six Representatives elect all Representatives on an at-large basis. The bill also requires that congressional redistricting be conducted in accordance with a plan developed by (1) a state-established independent commission; or (2) if such a commission fails to enact a plan, a three-judge panel from a U.S. District Court. Further, the bill directs the Election Assistance Commission to make payments to states to implement ranked choice voting and carry out congressional redistricting.