The Federal Emergency Management Advancement of Equity Act directs FEMA to prioritize fairness in how it distributes disaster assistance to underserved communities, including racial and ethnic minorities, rural areas, low-income populations, individuals with disabilities, and limited English proficiency communities. Within one year of enactment, FEMA must develop improved data collection systems and create specific equity criteria to apply across all its programs and policies, with particular focus on assistance for individuals, households, and hazard mitigation. The bill establishes two new positions within FEMA—an equity advisor to the Administrator and an Equity Enterprise Steering Group composed of representatives from various FEMA offices and partner agencies—to oversee the implementation of these equity measures and ensure consistency across all regional offices. FEMA must also submit annual reports to Congress measuring the effectiveness of these equity efforts and identifying any obstacles or needed legislative changes. Additionally, the Government Accountability Office must review FEMA's disaster declaration process within one year to assess whether current factors used to approve assistance disproportionately benefit higher-income areas and whether the process may discourage governors from requesting aid for underserved communities.