Fair Sentencing Act of 2010 - Amends the Controlled Substances Act and the Controlled Substances Import and Export Act to: (1) increase the amount of a controlled substance or mixture containing a cocaine base (i.e., crack cocaine) required for the imposition of mandatory minimum prison terms for trafficking; and (2) increase monetary penalties for drug trafficking and for the importation and exportation of controlled substances. Eliminates the five-year mandatory minimum prison term for first-time possession of crack cocaine. Directs the United States Sentencing Commission to: (1) review and amend its sentencing guidelines to increase sentences for defendants convicted of using violence during a drug trafficking offense; (2) incorporate aggravating and mitigating factors in its guidelines for drug trafficking offenses; (3) promulgate guidelines, policy statements, or amendments required by this Act as soon as practicable, but not later than 90 days after the enactment of this Act; and (4) study and report to Congress on the impact of changes in sentencing law under this Act. Directs the Comptroller General, within one year after the enactment of this Act, to report to Congress analyzing the effectiveness of drug court programs under the Omnibus Crime Control and Safe Streets Act of 1968.