The bill amends the Screening Partnership Program, allowing airport operators to contract with qualified private screening companies for passenger and property screening. The Administrator will maintain a list of eligible companies meeting specific requirements. Airport operators must notify the Transportation Security Administration after entering into a contract and create a transition plan. Federal Government supervisors will oversee screening at airports using private companies, and the Administrator will submit an annual report comparing private screening performance and costs with those using Federal Government personnel. The bill also requires providing effective cost comparisons to airport operators contracting with private screening companies.