This bill directs the Nuclear Regulatory Commission to apply a "risk-informed, performance-based" approach to the maximum extent possible when licensing nuclear facilities, with the goal of speeding up the licensing process. The legislation modifies existing nuclear law to clarify that NRC staff and the nuclear industry should follow specific regulatory principles outlined in a 1999 guidance document, ensuring both groups understand and apply these standards consistently. The bill requires NRC staff to receive annual training on these risk-informed and performance-based concepts to maintain a shared understanding of how they apply to licensing decisions, inspections, and enforcement actions. There is no specific funding amount authorized, and no implementation timeline is specified beyond the requirement for ongoing annual training. The measure affects nuclear facility operators and the NRC's regulatory processes for evaluating new and existing nuclear reactors.