Establishes requirements for social media companies concerning content moderation practices; establishes cause of action against social media companies for violation of content moderation practices.

This bill, the "Social Media Fairness and Transparency Act," requires large social media companies operating in New Jersey (with $100M+ revenue or 25M+ U.S. monthly users) to publicly disclose their content moderation standards, apply them consistently, and notify users when content is censored or accounts are suspended. Key provisions include mandating detailed explanations for censorship, allowing users to opt out of algorithm-driven content prioritization, and prohibiting censorship of journalistic enterprises based on content. Users can sue companies for specific violations, seeking up to $100,000 per claim, while exempting trade secrets and preserving federal law supremacy. The bill directly affects major platforms, aiming to increase transparency in content moderation practices.