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This action would fundamentally change how the FAA licenses launches and reentries in 14 CFR chapter III by proposing a regulatory approach that relies on performance-based regulations rather than prescriptive regulations. This action would primarily consolidate and revise parts 415, 417, 431, and 435 into a single regulatory part that states safety objectives to be achieved for the launch of suborbital and orbital expendable and reusable launch vehicles, and the reentry of reentry vehicles, and will leave design or operational solutions up to the applicant. This action will be accompanied by a body of Advisory Circulars or standards that collectively provide at least one acceptable means of compliance for all performance-based regulations in the new part. This action would also enable flexible timeframes, remove unnecessary ground safety regulations, redefine when launch begins to allow specified pre-flight operations prior to license approval, and allow applicants to seek a license to launch from multiple sites. This proposal would significantly streamline and simplify licensing of launch and reentry operations, would enable novel operations, and would result in net cost savings.