U.S. Commercial Space Launch Competitiveness Act

[AI summary unavailable — showing source text] Spurring Private Aerospace Competitiveness and Entrepreneurship Act of 2015 or the SPACE Act of 2015 This bill requires the Department of Transportation (DOT) to report to specified congressional committees on: (1) the progress of the commercial space transportation industry in developing voluntary consensus standards or any other construction that promotes best practices, and (2) the status of the knowledge and operational experience acquired by the industry while providing flight services for compensation or hire to support the development of a safety framework. An independent, private systems engineering and technical assistance organization or standards development organization shall assess the readiness of the industry and the federal government to transition to a safety framework that may include regulations. DOT shall provide the committees a plan to update the methodology used to calculate maximum probable loss from claims with respect to commercially licensed space launch liability insurance and financial responsibility requirements through the use of a validated risk profile approach. The Government Accountability Office shall assess the plan. The liability coverage of li…