The Federal Emergency Management Advancement of Equity Act requires FEMA to create systems that ensure underserved communities receive fair and equal access to federal disaster assistance. The bill directs FEMA to develop improved data collection methods, establish equity criteria for its policies and programs, and designate an equity advisor and steering group to oversee these changes within one year of enactment. FEMA must also regularly report to Congress on how these equity efforts are reducing barriers to assistance and disparate outcomes, with the Government Accountability Office conducting independent reviews after three and one year respectively. The legislation specifically targets disaster assistance programs including individual and household aid, hazard mitigation support, and rebuilding assistance, with the goal of ensuring that rural communities, low-income areas, people with disabilities, communities with limited English proficiency, and other disadvantaged populations have equal opportunities to benefit from federal relief efforts.