2011 Chevrolet Tahoe fuel pump replacement

Replacement of fuel pump on a 2011 Chevrolet Tahoe. Was leaking from the top of the pump. Common issue on the GM Truck line. Pump is in a "valley" in the top of the tank which collects dirt/salt/water and rots out the pump.
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What is this part? What is its benefit? 10:20

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It's the fuel vapor vent valve... part of the emissions system...