FASTER Act of 2023

The FASTER Act of 2023 streamlines the permitting process for interstate electric transmission facilities by establishing "national interest electric transmission corridors" where transmission capacity constraints affect consumers. It requires project sponsors to negotiate community benefit agreements with local communities, tribes, and other stakeholders before seeking permits, and designates the Federal Energy Regulatory Commission (FERC) as the lead agency to coordinate federal reviews. The bill sets a 5-year maximum timeline for permit decisions, establishes a prefiling process for early stakeholder engagement, and creates revenue-sharing mechanisms with states and counties from projects on federal land. It directly affects transmission project developers, local communities, tribal governments, and federal agencies involved in the permitting process. The legislation does not alter existing environmental laws but seeks to reduce delays while requiring meaningful community engagement for projects seeking certain federal grants.