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 will be granted for a three-year period and may be renewed, contingent upon the school district demonstrating evidence of improvement in their annual progress reports. The application process requires districts to outline the specific requirements they seek to be exempt from, the innovations 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 will collect data from participating districts three years after the program's implementation and submit a report detailing the outcomes of the innovations. The State Board of Education is also empowered to create rules to facilitate the program's implementation. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate enactment upon passage and approval.