This bill directs the Federal Emergency Management Agency to study ways to simplify the cost-effectiveness rules that determine whether disaster mitigation projects qualify for federal funding. It covers several major FEMA programs, including hazard mitigation grants, flood mitigation assistance, and other disaster mitigation assistance authorized under federal disaster relief law. The bill affects state, local, tribal, and territorial governments, as well as nonprofit organizations that apply for these grants to protect communities from floods, storms, and other hazards, since complex eligibility requirements can slow down or discourage mitigation projects. FEMA must consult with these stakeholders while conducting its evaluation, brief relevant congressional committees within 180 days of enactment, and submit a full report on its findings within 360 days, notifying Congress before implementing any changes. The bill does not authorize any new funding and does not itself change existing cost-effectiveness requirements, it only mandates study and reporting on how they might be streamlined in the future.