This bill authorizes pipeline facility owners and operators to implement risk-based inspections for their in-service breakout tanks, beginning on the date of enactment. This new approach allows them to meet existing federal inspection requirements outlined in chapter 601 of title 49, United States Code, and relevant sections of title 49, Code of Federal Regulations. The goal is to provide a more flexible and potentially efficient method for ensuring the safety and integrity of these critical infrastructure components. Additionally, the legislation mandates the Secretary of Transportation, acting through the Administrator of the Pipeline and Hazardous Materials Safety Administration (PHMSA), to revise section 195.432 of title 49, Code of Federal Regulations. This revision must be completed as soon as practicable after the bill's enactment to formally permit the use of these risk-based inspection methods for in-service breakout tanks. This ensures that regulatory practices are updated to align with the new statutory allowance for modernized inspection protocols.