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 increase student success, which may be defined as 1 or more of the following: (A) Reduction in student loan debt. (B) Increase in student retention and program completion at institutions of higher education, especially for historically underrepresented students. (C) Decrease in student time to program completion. (D) Closing of gaps in enrollment and completion between historically un­der­rep­re­sent­ed students and students who are not historically un­der­rep­re­sent­ed students. (E) Increase in student employment outcomes upon graduation. (F) Improved financial aid disbursement and service to students. (G) Increase in student safety, wellness, or food and housing security. (H) Other innovative practices that benefit students. (2) Reduction of regulatory burden Where appropriate, the Secretary may establish experiments, that, in addition to meeting the requirements of paragraph (1), lead to a reduction of regulatory burden on institutions of higher education or the Department, without harm to students. (3) Waivers (A) In general Except as provided in subparagraph (B), 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) Limitations The Secretary may not grant a waiver with regard to the following: (i) The definition of an institution of higher education under section 101 or 102. (ii) Antidiscrimination provisions under section 111.