FAA Advancements Act This bill directs the Federal Aviation Administration (FAA) and the Department of Transportation (DOT) to review and improve the type certification process. Type certification is the approval of the design of the aircraft and all component parts, including propellers, engines, control stations, etc. The FAA must enter into an agreement with a federally funded research and development center, or other independent nonprofit organization, to review and provide recommendations on the future state of type certification, including whether the use of advanced digital tools and techniques would improve the type certification process and enhance aviation safety. The FAA must brief Congress on what actions the FAA will take as a result of the report and the FAA rationale for not taking action on any specific recommendation. DOT must evaluate the performance of the FAA's type certificate validation program under bilateral agreements, with reference to agreed implementation procedures. DOT must also establish an internal regulatory process review team to develop recommendations to improve the timeliness of, and performance accountability in, the development and promulgation of regulatory materials related to aviation safety, training, and the operation of aeronautical products. The review team must include outside experts and academics and may consult with industry stakeholders. The FAA must develop an action plan to implement the review team's recommendations and publish the action plan on the FAA's website.