FRUGAL Act

Summary: Fiscal Responsibility Using Government Accountability Laws Act of 2014 or the FRUGAL Act - Requires the Treasury Inspector General for Tax Administration to analyze the extent to which taxpayers are reporting existing foreign accounts and are circumventing or properly utilizing offshore voluntary disclosure initiatives and programs. Requires the Internal Revenue Service (IRS) to: (1) increase educational outreach concerning taxpayer offshore tax obligations, and (2) report to Congress on closing offshore tax loopholes and increasing revenue collection from offshore sources.  Requires the Federal Acquisition Regulation to be revised to include guidelines for federal agencies to use reverse auctions, an electronic auction in which offerors compete by submitting bids or revised bids for a contract, task, or delivery order until the award is made to the offeror with the lowest bid. States that the guidelines should ensure that reverse auctions uphold high quality standards and that small businesses can continue to participate in the procurement process.  Requires the Board of Governors of the Federal Reserve System to develop and implement a plan to reduce spending on coin inventory management. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fiscal Responsibility Using 
Government Accountability Laws Act of 2014'' or the ``FRUGAL Act''.

SEC. 2. OFFSHORE TAX POLICIES ENFORCEMENT.

    (a) Determination of Extent of Taxpayer Compliance in Reporting on 
Foreign Accounts.--
            (1) In general.--Not later than 1 year after the date of 
        the enactment of this Act, the Treasury Inspector General for 
        Tax Administration shall--
                    (A) conduct an analysis designed to measure the 
                extent to which taxpayers are reporting existing 
                foreign accounts and circumventing the 2003 Offshore 
                Voluntary Compliance Initiative, 2009 Offshore 
                Voluntary Disclosure Program, 2011 Offshore Voluntary 
                Disclosure Initiative, and 2012 Offshore Voluntary 
                Disclosure Programs and the extent to which taxpayers 
                are properly utilizing offshore voluntary disclosure 
                initiatives, and
                    (B) submit a report to Congress based on the 
                analysis.
            (2) Report.--The report required by paragraph (1) shall--
                    (A) specify the extent to which taxpayers are 
                circumventing offshore voluntary compliance initiatives 
                and the amount of lost revenue as a result of such 
                circumvention, and
                    (B) contain such recommendations as the Treasury 
                Inspector General for Tax Administration considers is 
                necessary or appropriate for closing offshore tax 
                loopholes and increasing revenue collection from 
                offshore sources.
    (b) Increase in Educational Outreach Concerning Taxpayer Offshore 
Tax Obligations.--
            (1) In general.--The Commissioner of Internal Revenue 
        shall--
                    (A) improve targeting taxpayers with offshore 
                accounts by determining how taxpayers learned about the 
                offshore voluntary disclosure program and targeting 
                outreach efforts about offshore account reporting 
                requirements to recent immigrants, and
                    (B) use data gained from offshore programs--
                            (i) to identify taxpayers with unreported 
                        foreign accounts, and
                            (ii) to educate populations of taxpayers 
                        that might not be aware of their tax 
                        obligations related to offshore income filing 
                        requirements.
            (2) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the Commissioner of Internal Revenue 
        shall submit a report to Congress describing how the Internal 
        Revenue Service will close offshore tax loopholes and 
        containing recommendations for closing offshore tax loopholes 
        and increasing revenue collection from offshore sources.

SEC. 3. REVERSE AUCTIONS IN GOVERNMENT CONTRACTING.

    (a) Revision of FAR.--Not later than 180 days after the date of the 
enactment of this Act, the Federal Acquisition Regulation shall be 
revised to clarify the provisions relating to the use of reverse 
auctions by Federal agencies.
    (b) Guidelines.--The revisions to the Federal Acquisition 
Regulation shall include guidelines for the most efficient use of 
reverse auctions, including guidelines for ensuring that reverse 
auctions uphold high quality standards and that small businesses can 
continue to participate in the procurement process.
    (c) Reverse Auction Defined.--In this section, the term ``reverse 
auction'', with respect to a procurement by a Federal agency, means a 
real-time auction conducted through an electronic medium by a group of 
offerors that compete against each other by submitting bids for a 
contract or a task or delivery order, with the ability to submit 
revised bids throughout the course of the auction, with award made to 
the offeror that submits the lowest bid.

SEC. 4. COIN INVENTORY MANAGEMENT PLAN AND REPORT.

    (a) Plan Required.--Not later than 180 days after the date of the 
enactment of this Act, the Board of Governors of the Federal Reserve 
System shall develop and implement a plan to reduce spending on coin 
inventory management.
    (b) Contents of Plan.--The plan required under subsection (a) 
shall--
            (1) assess factors that have increased coin management 
        costs;
            (2) establish a process to separately monitor direct and 
        indirect costs, including support costs, of coin management;
            (3) establish goals and performance metrics related to coin 
        management costs; and
            (4) establish a process to systematically track, analyze, 
        and revise forecasting models of coin orders.
    (c) Report.--The Board of Governors shall submit to Congress a 
report on the plan that includes--
            (1) a timeline for implementing each objective of the plan;
            (2) a description of the accuracy of monthly forecasts of 
        coin orders; and
            (3) a description of cost effective coin management 
        practices across Federal reserve banks.