The bill proposes the establishment of the Fair and Efficient Transmission Compact, aimed at improving the construction and expansion of high-voltage transmission infrastructure in the mid-South region, specifically Arkansas, Louisiana, Mississippi, and Texas. The Compact seeks to lower construction costs and enhance transmission capacity through effective planning and competitive bidding processes, while ensuring that policies do not favor specific companies or industries. To facilitate this, a Fair and Efficient Transmission Council will be created, consisting of representatives from each participating state, responsible for overseeing the Compact's administration, developing guidelines for transmission construction, and preparing annual reports for state governors.

Additionally, the Compact introduces a uniform siting and certification process for transmission projects, promoting equal representation among states and streamlining approvals to minimize delays. It encourages the use of grid-enhancing technologies (GETs) and allows for upgrades to existing transmission infrastructure without new permits if the original permits were obtained within the last ten years. The administration of the Compact will be managed by the Public Service Commissions of the states, with provisions for delegating responsibilities in case of conflicts with existing laws. The bill also includes financial provisions for the Council's operations, requiring a majority vote for any contracts or expenses incurred.