FASTER Act of 2023

The FASTER Act of 2023 streamlines the permitting process for interstate electric transmission facilities that serve the national interest. It establishes a new framework for designating "national interest electric transmission corridors" and requires project sponsors to engage in a "prefiling process" with local communities, landowners, and stakeholders to develop legally binding "community benefit agreements" that detail specific, measurable commitments to affected communities. The bill creates a 3-year deadline for FERC to make decisions on permits for these projects, while requiring developers to make good faith efforts to engage with affected communities before seeking eminent domain for right-of-way acquisition. It also creates a new revenue-sharing mechanism for projects on federal land, directing 35-40% of collected fees to a conservation fund for habitat restoration and recreational access.