; and (B) avoid duplicating current, existing studies that are applicable to the relevant project. (2) Demonstration When requiring any new study or collection of information, the Commission or other Federal or State agency with a responsibility for a Federal authorization shall— (A) explain how the new study or other information is necessary to support the agency’s decisionmaking with respect to the Federal authorization; (B) identify how existing information reasonably available to the agency is inadequate to support the agency’s decisionmaking with substantial evidence; and (C) include an analysis of how the value of the required new study or other information outweighs the cost of producing it. (d) Schedule (1) Timing for issuance It is the sense of Congress that, except as otherwise provided in this part, all Federal authorizations required for a project should be issued within a reasonable time, so as to facilitate a final Commission licensing decision within 2 years after the date on which the license application for the project under this part is considered to be complete by the Commission. (2) Commission schedule (A) In general The Commission, in accordance with the rule issued under subparagraph (C), shall— (i) establish a schedule for— (I) all filings and issuances necessary and appropriate for its issuance of a license issued under this part; and (II) the issuance of all Federal authorizations for the applicable project; and (ii) issue such schedule when the Commission determines that the license application for the project is ready for environmental analysis. (B) Requirements In establishing the schedule under subparagraph (A), the Commission shall— (i) consult and cooperate with the Federal and State agencies responsible for a Federal authorization; (ii) ensure the expeditious completion of all proceedings relating to a Federal authorization