Senate Bill No. 555 establishes the Education Regulatory Sandbox Program, which allows school districts in Oklahoma to apply for exemptions from specific education-related statutory requirements or administrative rules, with the exception of federal education requirements. The program aims to foster innovation intended to improve educational outcomes for students. Exemptions are granted for a three-year period and can be renewed, provided that the school district demonstrates evidence of improvement in their annual progress reports. The application process requires districts to outline the specific requirement they seek to be exempt from, the innovation they plan to implement, and the metrics for measuring success.

The bill mandates that the State Department of Education review applications, meet with school district representatives, and make recommendations to the State Board of Education for approval or disapproval. Additionally, the Department is tasked with collecting data on the impact of the innovations implemented by the districts and submitting a report to key state leaders three years after the program's implementation. The bill also includes provisions for the promulgation of rules by the State Board of Education to facilitate the program's execution and declares an emergency for immediate effect upon passage.