The bill aims to amend the Federal Power Act to address the allocation of costs for certain transmission facilities of national significance, including interstate and offshore electric power transmission lines with specified capacities. It proposes that entities managing such transmission facilities allocate costs based on factors like reliability, economic benefits, public policy, resilience, and environmental impact. The bill specifies the requirements for filing a tariff with the Commission and emphasizes cost causation and allocation principles. It clarifies that the proposed changes do not impact the Commission's authority in allocating costs for other transmission facilities.