((a)) ** In general** To the extent practicable, a feasibility study initiated by the Secretary, after , under shall—
((1)) result in the completion of a final feasibility report not later than 4 years after the date on which the Secretary determines the Federal interest for purposes of the report pursuant to ;
((2)) have a maximum total cost of $5,000,000; and
((3)) ensure that personnel from the district, division, and headquarters levels of the Corps of Engineers concurrently conduct the review required under that section.
((b)) ** Extension** If the Secretary determines that a feasibility study described in subsection (a) will not be conducted in accordance with subsection (a), the Secretary, not later than 30 days after the date of making the determination, shall—
((1)) prepare an updated feasibility study schedule and cost estimate;
((2)) notify the non-Federal feasibility cost-sharing partner that the feasibility study has been delayed; and
((3)) provide written notice to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives as to the reasons the requirements of subsection (a) are not attainable.
((c)) ** Exception**
((1)) ** In general** The Secretary may extend the timeline of a study by a period not to exceed 3 years, if the Secretary determines that the feasibility study is too complex to comply with the requirements of subsection (a).
((2)) ** Factors** In making a determination that a study is too complex to comply with the requirements of subsection (a), the Secretary shall consider—
((A)) the type, size, location, scope, and overall cost of the project;
((B)) whether the project will use any innovative design or construction techniques;
((C)) whether the project will require significant action by other Federal, State, or local agencies;
((D)) whether there is significant public dispute as to the nature or effects of the project; and
((E)) whether there is significant public dispute as to the economic or environmental costs or benefits of the project.
((3)) ** Notification** Each time the Secretary makes a determination under this subsection, the Secretary shall provide written notice to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives as to the results of that determination, including an identification of the specific 1 or more factors used in making the determination that the project is complex.
((d)) ** Reviews** Not later than 90 days after the date of the initiation of a study described in subsection (a) for a project, the Secretary shall—
((1)) take all steps necessary to initiate the process for completing federally mandated reviews that the Secretary is required to complete as part of the study, including the environmental review process under section 1005;
((2)) convene a meeting of all Federal, tribal, and State agencies identified under that may be required by law to conduct or issue a review, analysis, or opinion on or to make a determination concerning a permit or license for the study; and
((3)) take all steps necessary to provide information that will enable required reviews and analyses related to the project to be conducted by other agencies in a thorough and timely manner.
((e)) ** Interim report** Not later than 18 months after , the Secretary shall submit to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives and make publicly available a report that describes—
((1)) the status of the implementation of the planning process under this section, including the number of participating projects;
((2)) a review of project delivery schedules, including a description of any delays on those studies participating in the planning process under this section; and
((3)) any recommendations for additional authority necessary to support efforts to expedite the feasibility study process for water resource projects.
((f)) ** Final report** Not later than 4 years after , the Secretary shall submit to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives and make publicly available a report that describes—
((1)) the status of the implementation of this section, including a description of each feasibility study subject to the requirements of this section;
((2)) the amount of time taken to complete each feasibility study; and
((3)) any recommendations for additional authority necessary to support efforts to expedite the feasibility study process, including an analysis of whether the limitation established by subsection (a)(2) needs to be adjusted to address the impacts of inflation.