The purpose of the Streamlined FEMA Cost Exemption Act is to simplify and expedite the process for providing financial assistance to public assistance projects after disasters. This legislation aims to improve the efficiency of the Federal Emergency Management Agency (FEMA) in delivering aid and ensuring that those affected by disasters can receive the support they need more quickly. Key provisions of the Act include several important changes to existing laws. First, it reduces the timeframe for recouping certain types of assistance from three years to two years.