Wildfire Response Improvement Act This bill requires the Federal Emergency Management Agency (FEMA) to take specified actions to address issues related to wildfire and drought. Specifically, FEMA must issue such regulations as necessary to update the categories of eligibility and timelines for the fire management assistance program under the Robert T. Stafford Disaster Relief and Emergency Assistance Act to be the same as such categories and timelines under the Public Assistance Program; issue such regulations as necessary to update the Public Assistance Program and Policy Guide to include guidance on the wildfire-specific challenges, including debris removal, emergency protective measures, and the resulting toxicity of drinking water resources; and conduct a review of the benefit cost analysis criteria for mitigation projects under the Stafford Act to consider a broader range of factors, including carbon sequestration, improved water quality, and lessening disaster impact on traditionally underserved communities.