1. Short title This Act may be cited as the Innovation Zone Act . 2. Innovation zone initiative authority Section 487A of the Higher Education Act of 1965 ( 20 U.S.C. 1094a ) is amended to read as follows: 487A. Innovation zone initiative (a) Innovation zone initiative (1) In general The Secretary is authorized to establish an innovation zone initiative consisting of voluntary experiments under which the Secretary and institutions of higher education are permitted to test the effectiveness of statutory and regulatory flexibility that aims to achieve the following outcomes: (A) Increase in student success, which may be defined as one or more of the following: (i) Reduction in student loan debt. (ii) Increase in student retention and program completion at institutions of higher education. (iii) Increase in student job placement rate upon graduation. (iv) Improved financial aid disbursement and service to students. (v) Increase in student safety, wellness, or food and housing security. (vi) Other innovative practices that benefit students. (B) Reduction of regulatory burden on institutions of higher education or the Department, without harm to students. (2) Waivers The Secretary is authorized to waive, for any institution of higher education participating in an innovation zone experiment under paragraph (1), one or more requirements of title I or IV. (b) Solicitation of experiment suggestions (1) Solicitation of suggestions Not less frequently than every 2 years, the Secretary shall provide an opportunity for the public, institutions of higher education, and other stakeholders to submit suggestions for potential experiments under this section. (2) Contents of suggestions Any person that wishes to submit a suggestion under paragraph (1) shall include— (A) the goals or objectives of the proposed experiment; (B) a description of how the experiment would be conducted, including participation protections; (C) the specific statutory or regulatory requirements for which a waiver would be requested