The New Space Age Act of 2024 creates a new Commercial Space Transportation Administration within the Department of Transportation to oversee and streamline the licensing and regulation of private space launch and reentry activities. The new agency, led by a Senate-confirmed Administrator with at least five years of space industry experience, will take over commercial space transportation responsibilities currently handled by the Federal Aviation Administration and will coordinate with NASA, the Department of Defense, and other federal agencies to speed up the approval process for space launches. The bill authorizes $50 million annually for fiscal years 2024 through 2028, with at least 75 percent of that funding dedicated to processing license applications quickly rather than developing new regulations. The legislation also establishes a Launch and Reentry Working Group to develop safety standards for space launches and reentry events, requires the Transportation Department to update its Commercial Space Transportation Advisory Committee to include more industry input, and must transfer all relevant authorities to the new administration within 180 days of enactment.
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