Federal Advanced Superconducting Transportation Act - Expresses the intent of the Congress that the development of a magnetic levitating superconducting technology for the purpose of constructing a national super high-speed transportation system in certain geographical corridors shall be implemented through a specified four-phase approach.

Establishes within the Department of Transportation the High-Speed Ground Transportation Office (to be headed by a Director), whose functions shall be to establish uniform standards and regulate the design and construction for such technology, as well as recommend funding mechanisms. Mandates that such Office conduct a prescribed feasibility study regarding such high-speed transportation system.

Authorizes appropriations to the National Aeronautics and Space Administration and to the High-Speed Ground Transportation Office to implement this Act.