Annual Report Mandated for Federal Projects Over Budget or Behind Schedule.
This law mandates increased transparency regarding federal spending by requiring government agencies to report annually on major projects that are significantly delayed (over five years) or exceed their original cost estimate by at least one billion dollars. This ensures the public and Congress receive clear, detailed information about how taxpayer money is being spent on failing investments, promoting greater accountability.
Key points
Federal agencies must publicly disclose details on large projects (e.g., construction, defense acquisitions) that are $1 billion over budget or five years behind schedule.
Reports must include explanations for delays, cost increases, and details regarding any bonuses or incentive fees paid to contractors despite project failures.
The Office of Management and Budget (OMB) will publish this annual report online, making it easier for citizens to track public spending failures.
Status:
Passed Senate
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