This legislation reauthorizes the Prematurity Research Expansion and Education for Mothers who deliver Infants Early Act. It extends the authorization for research relating to preterm labor and delivery, as well as the care and outcomes of preterm and low birthweight infants, for fiscal years 2025 through 2029. The bill also strengthens the requirement for an interagency working group, changing its establishment from optional to mandatory within 18 months of enactment. A significant provision mandates the Secretary of Health and Human Services to arrange for the National Academies of Sciences, Engineering, and Medicine to conduct a comprehensive study on premature births in the United States. This study will assess the financial costs of premature birth to society, including neonatal intensive care unit stays and long-term healthcare expenses. It will also examine factors impacting preterm birth rates and opportunities for earlier detection of risk factors, alongside improving maternal and infant health. Furthermore, the study requires an analysis of targeted research strategies for effective drugs and treatments, best practices from state programs, and precision medicine approaches for prevention.