The FAAN Act authorizes $1 billion in federal grants to nursing schools to address workforce shortages and strengthen nursing education across the country. Schools of nursing can use grant funding to hire and retain faculty, expand student enrollment, modernize facilities and equipment, and develop educational programs that prepare nurses for future public health emergencies. The bill prioritizes grants for schools located in or serving medically underserved areas, health professional shortage areas, rural regions, and schools that serve disadvantaged populations including racial and ethnic minorities underrepresented in nursing. Grant recipients must submit annual reports on their activities and outcomes, and the Secretary of Health and Human Services must report to Congress within five years on the program's overall results, including data on student enrollment, faculty diversity, and clinical partnerships. The legislation aims to increase the nursing workforce while supporting educational institutions that serve vulnerable and underserved communities.