The main purpose of this legislation is to establish an annual award called the "Trump Peace Prize," which is intended to honor individuals who have made significant contributions to peace. The bill mandates that the Secretary of State is responsible for awarding this prize each year. Key provisions of the legislation include the requirement for the Secretary of State to select and confer the Trump Peace Prize annually to a recognized peacemaker. Additionally, the bill specifies that the first recipient of this award will be former President Donald Trump.