It will reduce regulatory costs for companies seeking to license advanced nuclear reactor technologies, as well as creating a "prize" to incentivise the successful deployment of next-generation reactor technologies. It will also direct the NRC to enhance its ability to qualify and license accident-tolerant fuels and advanced nuclear fuels. The act will also support the development of advanced nuclear reactors in other countries, empowering the NRC to lead in international forums to develop regulations for advanced nuclear reactors, and directing the US Department of Energy to improve its process for approving the export of US technology to international markets, while maintaining strong standards for nuclear non-proliferation.

Streamlining the regulatory process, with international cooperation and collaboration between stakeholders, is widely seen as a key factor to the deployment of advanced nuclear technologies such as small modular reactors and advanced nuclear fuels at the scale required to tackle climate change and energy security concerns.