Facilitating Access to Speedy Transmissions for Networks, E-commerce, and Telecommunications Act or FASTNET Act - Amends the Communications Act of 1934 to define a "two percent carrier" as a local telecommunications exchange carrier with fewer than two percent of the Nation's subscriber lines installed in the aggregate nationwide.

Directs the Federal Communications Commission (FCC), in adopting rules that apply to incumbent local exchange carriers, to adopt separate and less burdensome rules and requirements for two percent carriers which take into account the more limited resources available to such carriers and the greater burden such rules impose on such carriers and their customers. Authorizes a two percent carrier to seek a waiver or reconsideration of an adopted rule which does not impose less burdensome rules and requirements upon such carriers.

Prohibits the FCC from requiring a two percent carrier to file cost allocation manuals or Automated Reporting and Management Information Systems.

Prohibits the FCC from adopting or enforcing any regulation which impairs the ability of a two percent carrier to integrate its operations in one or more entities, at its discretion.

States that the participation or withdrawal from participation by a two percent carrier of one or more study areas in the common line tariff administered and filed by the National Exchange Carrier Association (NECA) or any successor tariff or administrator shall not obligate such carrier to participate or withdraw from participation in such tariff for any other study area. Authorizes a two percent carrier to elect to be regulated by the FCC under price cap regulation, or to withdraw from such regulation, for one or more of its study areas at any time.

Prohibits the FCC from reviewing any mergers or acquisitions between two percent carriers or their affiliates.

Permits two percent carriers to introduce new telecommunications services by filing a tariff on one day's notice, without making any other showing before the FCC in advance of such filing.

Allows any two percent carrier to de-average its interstate switched or special rates and file contract-based tariffs for interstate switched or special access services immediately upon certifying to the FCC that an unaffiliated carrier has engaged in facilities- or resale-based entry within such carrier's service area. Prohibits the FCC from regulating the rates charged by a two percent carrier after such certification. Allows such a carrier to participate in the common line tariff administered and filed by the NECA or any successor tariff or administrator by electing to include one or more of its study areas in such tariff.

Requires the FCC to determine: (1) within 45 days after application that the public interest, convenience, and necessity will be served by a merger or acquisition between two percent carriers; and (2) within 90 days a petition by a two percent carrier for reconsideration or waiver of a rule, policy, or other FCC requirement (as authorized under this Act).