To establish an Office of the Hurricane Katrina Recovery Chief Financial Officer, and for other purposes.

Summary: Oversight of Vital Emergency Recovery Spending Enhancement and Enforcement Act of 2005 - Establishes within the Executive Office of the President the Office of Hurricane Katrina Recovery Chief Financial Officer (CFO), who shall be appointed by the President, by and with the advice and consent of the Senate.

Makes the CFO responsible for the efficient and effective use of federal funds in all activities relating to the recovery from Hurricane Katrina.

Requires the CFO to strive to ensure that priority in the distribution of federal: (1) relief funds is given to individuals and organizations most in need of financial assistance; and (2) reconstruction funds is given to business entities based in Louisiana, Mississippi, Alabama, or business entities that hire workers who resided in those States before August 29, 2005.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Oversight of Vital Emergency 
Recovery Spending Enhancement and Enforcement Act of 2005''.

SEC. 2. DEFINITIONS.

    (a) Chief Financial Officer.--The term ``Chief Financial Officer'' 
means the Hurricane Katrina Recovery Chief Financial Officer.
    (b) Office.--The term ``Office'' means the Office of the Hurricane 
Katrina Recovery Chief Financial Officer.

SEC. 3. ESTABLISHMENT AND FUNCTIONS.

    (a) Establishment.--There is established within the Executive 
Office of the President, the Office of the Hurricane Katrina Recovery 
Chief Financial Officer.
    (b) Chief Financial Officer.--
            (1) Appointment.--The Hurricane Katrina Recovery Chief 
        Financial Officer shall be the head of the Office. The Chief 
        Financial Officer shall be appointed by the President, by and 
        with the advice and consent of the Senate.
            (2) Qualifications.--The Chief Financial Officer shall have 
        the qualifications required under section 901(a)(3) of title 
        31, United States Code.
    (c) Functions.--
            (1) In general.--The Chief Financial Officer shall--
                    (A) be responsible for the efficient and effective 
                use of Federal funds in all activities relating to the 
                recovery from Hurricane Katrina;
                    (B) have all authorities and perform all functions 
                of a Chief Financial Officer under section 902 of title 
                31, United States Code, with respect to all agencies 
                and all Federal activities relating to the recovery 
                from Hurricane Katrina in accordance with paragraph 
                (2); and
                    (C) strive to ensure that--
                            (i) priority in the distribution of Federal 
                        relief funds is given to individuals and 
                        organizations most in need of financial 
                        assistance; and
                            (ii) priority in the distribution of 
                        Federal reconstruction funds is given to 
                        business entities that are based in Louisiana, 
                        Mississippi, and Alabama or business entities 
                        that hire workers who resided in those States 
                        before August 29, 2005.
            (2) Coordination of agencies.--In the performance of the 
        functions under paragraph (1)(B) by the Chief Financial 
        Officer-
                    (A) the President shall act as the head of the 
                agency and the Chief Financial Officer shall have 
                management and oversight of all agencies performing 
                activities relating to the recovery from Hurricane 
                Katrina for purposes of the application of section 902 
                of title 31, United States Code; and
                    (B) the Chief Financial Officer shall coordinate 
                and have management and oversight responsibilities of 
                each applicable Chief Financial Officer in the 
                performance of functions under section 902(a) (5) and 
                (6) of title 31, United States Code, instead of 
                performing such functions for each applicable agency.
            (3) Regular reports.--
                    (A) In general.--Every month the Chief Financial 
                Officer shall submit a financial report on the 
                activities for which the Chief Financial Officer has 
                management and oversight responsibilities to--
                            (i) the Committee on Homeland Security and 
                        Governmental Affairs of the Senate;
                            (ii) the Committee on Homeland Security of 
                        the House of Representatives;
                            (iii) the Committees on Appropriations of 
                        the Senate and House of Representatives; and
                            (iv) the Committee on Government Reform of 
                        the House of Representatives.
                    (B) Contents.--Each report under this paragraph 
                shall include--
                            (i) the extent to which Federal relief 
                        funds have been given to individuals and 
                        organizations most in need of financial 
                        assistance;
                            (ii) the extent to which Federal 
                        reconstruction funds have been made available 
                        to business entities that are based in 
                        Louisiana, Mississippi, or Alabama or business 
                        entities that hire workers who resided in those 
                        States before August 29, 2005; and
                            (iii) the extent to which Federal agencies 
                        have made use of sole source or cost-plus 
                        contracts.
                    (C) First report.--The first report under this 
                paragraph shall be submitted for the first full month 
                for which a Chief Financial Officer has been appointed.
    (d) Responsibilities of Chief Financial Officers.--Nothing in this 
Act shall be construed as to relieve the responsibilities of any Chief 
Financial Officer under section 902 of title 31, United States Code.
    (e) Availability of Records.--Upon request to the Chief Financial 
Officer, the Office shall make the records of the Office available to 
the Inspector General of any Federal agency performing recovery 
activities relating to Hurricane Katrina for the purpose of performing 
the duties of that Inspector General under the Inspector General Act of 
1978 (5 U.S.C. App.).

SEC. 4. REPORTS OF THE GOVERNMENT ACCOUNTABILITY OFFICE.

    The Office shall provide quarterly reports to the committees 
specified in section 3(c) (3) (A) relating to all activities and 
expenses approved by the Office, including_
            (1) the accuracy of reports submitted by the Chief 
        Financial Officer to Congress;
            (2) the extent to which agencies performing activities 
        relating to the recovery from Hurricane Katrina have made use 
        of sole source or cost-plus contracts;
            (3) the appropriate use of Federal funds by State and local 
        government agencies;
            (4) an analysis of whether Federal relief funds have been 
        distributed to individuals and organizations most in need of 
        financial assistance and Federal reconstruction funds have been 
        made available to business entities that are based in 
        Louisiana, Mississippi, and Alabama or business entities that 
        hire workers who resided in those States before August 29, 
        2005; and
            (5) the extent to which waste, fraud, or abuse exist in the 
        use of Federal funds relating to the recovery from Hurricane 
        Katrina.

SEC. 5. ADMINISTRATIVE AND SUPPORT SERVICES.

    (a) In General.--The President shall provide administrative and 
support services (including office space) for the Office and the Chief 
Financial Officer.
    (b) Personnel.--The President shall provide for personnel for the 
Office through the detail of Federal employees. Any Federal employee 
may be detailed to the Office without reimbursement, and such detail 
shall be without interruption or loss of civil service status or 
privilege.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as necessary to 
carry out this Act.

SEC. 7. TERMINATION OF OFFICE.

    (a) In General.--The Office and position of Chief Financial Officer 
shall terminate 1 year after the date of enactment of this Act.
    (b) Extension.--The President may extend the date of termination 
under subsection (a) to any date occurring before 2 years after the 
date of enactment of this Act.