Facilitating Access to Speedy Transmissions for Networks, E-commerce and Telecommunications (FASTNET) Act

Facilitating Access to Speedy Transmissions for Networks, E-commerce and Telecommunications (FASTNET) Act - Amends the Communications Act of 1934 to define a "two percent carrier" (carrier) as an incumbent local exchange carrier whose access lines, when combined with the access lines of any other carrier that such carrier controls, are fewer than two percent of the subscriber lines installed in the aggregate nationwide.

Directs the Federal Communications Commission (FCC), in adopting rules that apply to such carriers, to separately evaluate the burden that any proposed regulatory, compliance, or reporting requirements would have on such carriers. Prohibits the FCC from requiring such carriers to: (1) file cost allocation manuals or Automated Reporting and Management Information Systems reports; or (2) establish or maintain a separate affiliate to provide any common carrier or noncommon carrier services.

Limits carrier participation in tariff pools and price cap regulation.

Requires the FCC to permit such carriers to introduce new interstate telecommunications services by filing a tariff on one day's notice.

Allows such carriers to de-average its interstate switched or special access rates, file tariffs on one day's notice, and file contract-based tariffs for switched or special access services upon certifying that a telecommunications carrier unaffiliated with such carrier is engaged in facilities-based entry within such carrier's service area. Limits FCC carrier merger review authority. Provides time limits for FCC action on petitions for reconsideration or waiver of a rule, policy, or requirement.