This bill makes changes to federal transit funding rules to reduce regulatory burden on public transportation agencies. It streamlines how transit agencies receive and use federal money by extending the time they have to spend bus funding from three to five fiscal years, allowing them to redirect unused money toward capital projects, and requiring faster distribution of grants to smaller cities. The legislation also reduces paperwork requirements by having the Transportation Department minimize documentation needed for environmental reviews and directing it to consolidate and streamline reporting requirements for transit agencies within one year. Additionally, the bill simplifies the federal oversight process by allowing inspectors to focus triennial reviews on past problems and common issues rather than conducting comprehensive audits. Overall, the bill aims to make federal transit funding more flexible and efficient while reducing administrative costs for transit agencies.