Establishes "Graduate Physician Licensing Act."

The Graduate Physician Licensing Act establishes a new license category for medical school graduates who have not completed residency programs. These "graduate physicians" would be permitted to provide primary care services in medically underserved areas under the supervision of a collaborating physician through formal collaborative practice arrangements. The bill sets specific licensure requirements (including passing Step 2 of the medical licensing exam and having no criminal history) and outlines detailed oversight requirements for collaborative practice arrangements, including documentation, chart review, and patient disclosure. Health insurance plans, Medicaid, and state health benefit programs would be required to reimburse graduate physicians at the same rate as physician assistants for their services.