Freeing Alternatives for Speedy Transportation (FAST) Act - Amends Federal highway law to direct the Secretary of Transportation to establish and implement an Interstate System FAST Lanes program under which the Secretary shall permit a State, or a public or private entity designated by the State, to collect fees to finance the expansion of a highway by constructing additional lanes on the Interstate System for the purpose of reducing traffic congestion.
Requires the Secretary to conduct a study for a project with an estimated total cost of $50 million or more to determine: (1) if a toll facility for such project is feasible; and (2) if privatizing the construction, operation, and maintenance of the facility is financially advisable (while retaining legal and administrative control of the portion of the Interstate route).