To amend title 49, United States Code, to modify the authority of the Assistant Secretary of Homeland Security (Transportation Security Administration) to issue regulations and security directives…

Revises the authority of the Assistant Secretary of Homeland Security (Transportation Security Administration [TSA]) to immediately issue, rescind, and revise regulations and security directives to protect transportation security during an emergency. Requires the Assistant Secretary to issue such emergency regulations and directives, instead, in cases of imminent threat of finite duration.

Declares that review of emergency regulations and directives by the Transportation Security Oversight Board (authorized by existing law) shall determine, specifically, if a regulation or security directive is needed to respond to an imminent threat of finite duration.

Revises factors the Assistant Secretary must consider in issuing, rescinding, or revising a regulation or security directive. Requires the Assistant Secretary to consider whether a regulation or security directive will remain in force for more than a 90-day period, and whether it will require revision in the subsequent 90-day period.

Authorizes the Assistant Secretary, if it is not feasible to make such an estimate, to waive requirements for an analysis of whether the estimated costs of such regulations and directives are excessive in contrast to the number of lives save by the regulations or directives.