1. Short title This Act may be cited as the Facilitating America's Siting of Transmission and Electric Reliability Act of 2023 or the FASTER Act of 2023 . 2. National interest electric transmission facilities (a) In general Section 216 of the Federal Power Act ( 16 U.S.C. 824p ) is amended to read as follows: 216. Siting of interstate electric transmission facilities (a) Definitions In this section: (1) Commission The term Commission means the Federal Energy Regulatory Commission. (2) Community benefit agreement (A) In general The term community benefit agreement means an agreement between CBA parties, including, at a minimum, at least 1 entity described in each of subclauses (I) through (IV) of subparagraph (B)(iii), that— (i) relates to a project for the construction or modification of a national interest electric transmission facility for which a permit is sought under subsection (c); (ii) is applicable through the construction (or modification) and operation of that national interest electric transmission facility; (iii) is negotiated through a process that includes meaningful engagement, by the project sponsor, with— (I) the applicable 1 or more agreement entities that are parties to the agreement; and (II) stakeholder groups, including at least 1 entity described in each of subclauses (I) and (II) of subparagraph (B)(v); (iv) details specific, measurable, and legally enforceable CBA commitments; (v) includes a detailed plan, with clear metrics, milestones, and timelines, for accomplishing CBA commitments; (vi) establishes specific roles, responsibilities, and processes for tracking and reporting progress with respect to CBA commitments; (vii) establishes clear enforcement processes to address noncompliance, including specific penalties for noncompliance; and (viii) requires the CBA parties to annually submit to the Commission a report that describes, in a transparent manner— (I) the CBA commitments included in the agreement