(a) In general Beginning on the date of enactment of this Act, an owner or operator of a pipeline facility (as defined in section 60101 of title 49, United States Code) may use risk-based inspections to comply with the relevant inspection requirements imposed under chapter 601 of title 49, United States Code, for in-service breakout tanks, including any relevant requirements established under chapter 195 of title 49, Code of Federal Regulations (or successor regulations). (b) Rulemaking As soon as practicable after the date of enactment of this Act, the Secretary of Transportation, acting through the Administrator of the Pipeline and Hazardous Materials Safety Administration, shall revise section 195.432 of title 49, Code of Federal Regulations, to allow for risk-based inspections of in-service breakout tanks in accordance with subsection (a).