Fair Import Pricing Assurance Act - Directs the Secretary of Commerce (Secretary) to prohibit, for at least 90 days and not more than one year, any person producing commodities against which antidumping duties have been imposed from: (1) importing foreign goods or services into the United States; or (2) engaging an agent to do such importing on such person's behalf. Increases the penalty period if such person is subject to a second antidumping duty order. Authorizes the Secretary to exclude imports by that person permanently if the same person is issued a third antidumping duty order. Authorizes the Secretary to modify, terminate, or suspend such penalties under certain circumstances. Requires the Secretary to notify the Secretary of the Treasury who shall enforce such exclusionary order. Requires the Secretary to notify the Congress within ten days of any action initiated under this Act.