The Farm Equipment Safety Act would exempt farm equipment from federal emission standards set by the Clean Air Act. Specifically, the bill would allow nonroad engines and vehicles used for agricultural purposes to operate without meeting the Environmental Protection Agency's emission control requirements that currently apply to other nonroad equipment. This exemption would affect farmers and agricultural equipment manufacturers by removing regulatory compliance requirements for items like tractors, harvesters, and other farm machinery. The bill does not specify any funding or implementation timeline. By reducing emission standards for agricultural equipment, the legislation aims to ease regulatory burdens on farmers, though it could result in increased air pollution from farm machinery.