The "Satellite and Telecommunications Streamlining Act" is designed to significantly expedite the Federal Communications Commission's (FCC) processing of licenses and market access petitions for satellite and space-related operations. Congress emphasizes the vital role of the U.S. space industry in the economy and the need for the FCC to ensure global leadership through forward-looking policies and efficient regulation. The bill seeks to reduce regulatory burdens and accelerate the deployment of innovative space technologies. A central provision mandates that the FCC must grant or deny completed applications for various space station and earth station licenses within one year. Similarly, petitions for market access for non-geostationary and geostationary orbit space stations must also be acted upon promptly, with market access grants limited to 15 years. Crucially, if the FCC fails to meet these deadlines, or the 180-day deadline for renewal requests, the application or renewal is deemed granted upon written notice from the applicant. The bill introduces expedited review periods for minor modifications that enhance transmission capacity or spectral efficiency (90 days) and for replacing technically similar components (30 days). While extensions are permitted for extraordinary circumstances like national security or danger to life/property, they are strictly limited to 90 days and a maximum of two extensions. The FCC is also required to determine application completeness within 30 days, with inaction leading to the application being deemed accepted for filing . To further streamline the process, the Act limits the information the FCC can require from applicants to only what is strictly necessary and directly material to the decision. It also mandates that the FCC and the Assistant Secretary of Commerce for Communications and Information enter into a Memorandum of Understanding to enhance interagency coordination, aiming to expedite reviews. The bill also preempts state and local governments from regulating the rates charged by entities granted licenses or market access under its provisions. The legislation includes provisions for national security, requiring the FCC to refer applications from entities with reportable foreign ownership to the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector. Finally, the FCC must submit annual reports to Congress on the backlog of applications until processing times are reduced to under one year, ensuring accountability and continued progress in regulatory efficiency.