The "Studying Mitigation And Reporting Transparently Act," or SMART Act, mandates the Federal Emergency Management Agency Administrator to undertake a comprehensive study. This study will evaluate the effectiveness, long-term cost savings, and strategic impact of all FEMA-funded hazard mitigation activities across the United States. The Administrator must assess how these mitigation programs reduce federal and non-federal disaster response and recovery expenditures, enhance community preparedness for natural hazards, and improve the availability and affordability of hazard-related insurance. The study will also examine how these activities support the continuity of critical services and infrastructure, ultimately generating measurable returns on investment. The methodology will include quantitative and qualitative analysis of avoided losses, evaluations of mitigation's effect on community risk ratings, and case studies from diverse regions. The findings, along with recommendations for improving program design and legislative actions, will be submitted to Congress within 18 months and annually thereafter. All study results, including summarized findings and data visualizations, will be made publicly available online in a user-friendly format.