SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Transportation Megaprojects 
Accountability and Oversight Act of 2015''.

SEC. 2. ADDITIONAL REQUIREMENTS FOR CERTAIN TRANSPORTATION PROJECTS.

    (a) In General.--Section 106 of title 23, United States Code, is 
amended by adding at the end the following:
    ``(k) Megaprojects.--
            ``(1) Megaproject defined.--In this subsection, the term 
        `megaproject' means a project that has an estimated total cost 
        of $2,500,000,000 or more, and such other projects as may be 
        identified by the Secretary.
            ``(2) Comprehensive risk management plan.--A recipient of 
        Federal financial assistance under this title for a megaproject 
        shall, in order to be authorized for construction, submit to 
        the Secretary a comprehensive risk management plan that 
        contains--
                    ``(A) a description of the process by which the 
                recipient will identify, quantify, and monitor the 
                risks that might result in cost overruns, project 
                delays, reduced construction quality, or reductions in 
                benefits with respect to the megaproject;
                    ``(B) examples of mechanisms the recipient will use 
                to track risks identified pursuant to subparagraph (A);
                    ``(C) a plan to control such risks; and
                    ``(D) such assurances as the Secretary considers 
                appropriate that the recipient will, with respect to 
                the megaproject--
                            ``(i) regularly submit to the Secretary 
                        updated cost estimates; and
                            ``(ii) maintain and regularly reassess 
                        financial reserves for addressing known and 
                        unknown risks.
            ``(3) Peer review group.--
                    ``(A) In general.--A recipient of Federal financial 
                assistance under this title for a megaproject shall, 
                not later than 90 days after the date when such 
                megaproject is authorized for construction, establish a 
                peer review group for such megaproject that consists of 
                at least 5 individuals (including at least 1 individual 
                with project management experience) to give expert 
                advice on the scientific, technical, and project 
                management aspects of the megaproject.
                    ``(B) Membership.--
                            ``(i) In general.--Not later than 180 days 
                        after the date of the enactment of this 
                        subsection, the Secretary shall establish 
                        guidelines describing how a recipient described 
                        in subparagraph (A) shall--
                                    ``(I) recruit and select members 
                                for a peer review group established 
                                under such subparagraph; and
                                    ``(II) make publicly available the 
                                criteria for such selection and the 
                                identity of members so selected.
                            ``(ii) Conflict of interest.--No member of 
                        a peer review group for a megaproject may have 
                        a direct or indirect financial interest in such 
                        megaproject.
                    ``(C) Tasks.--A peer review group established under 
                subparagraph (A) by a recipient of Federal financial 
                assistance for a megaproject shall--
                            ``(i) meet annually until completion of the 
                        megaproject;
                            ``(ii) not later than 90 days after the 
                        date of the establishment of the peer review 
                        group and not later than 90 days after the date 
                        of any significant change, as determined by the 
                        Secretary, to the scope, schedule, or budget of 
                        the megaproject, review the scope, schedule, 
                        and budget of the megaproject, including 
                        planning, engineering, financing, and any other 
                        elements determined appropriate by the 
                        Secretary; and
                            ``(iii) submit a report on the findings of 
                        each review under clause (ii) to the Secretary, 
                        Congress, and the recipient.
            ``(4) Transparency.--A recipient of Federal financial 
        assistance under this title for a megaproject shall publish on 
        the Internet Web site of such recipient--
                    ``(A) the name, license number, and license type of 
                each engineer supervising an aspect of the megaproject; 
                and
                    ``(B) the report submitted under paragraph 
                (3)(C)(iii), not later than 90 days after such 
                submission.''.
    (b) Applicability.--The amendment made by subsection (a) applies 
with respect to projects that are authorized for construction on or 
after the date that is 1 year after the date of the enactment of this 
Act.
Transportation Megaprojects Accountability and Oversight Act of 2015 This bill requires a recipient of federal financial assistance under National Highway System provisions for a megaproject (a project that has an estimated total cost of $2.5 billion or more and such other projects as may be identified by the Department of Transportation [DOT]), in order to be authorized for construction, to submit to DOT a comprehensive risk management plan that contains:   a description of the process by which the recipient will identify, quantify, and monitor the risks that might result in cost overruns, project delays, reduced construction quality, or reductions in benefits;   examples of mechanisms the recipient will use to track such risks;  a plan to control such risks; and   assurances that the recipient will regularly submit updated cost estimates and maintain and regularly reassess financial reserves for addressing risks.  A recipient also must establish a peer review group to give expert advice on the scientific, technical, and project management aspects of the project. Each peer review group must:   meet annually until the project is completed;   review the project within 90 days after any significant change in its scope, schedule, or budget; and   report on the findings of each review to DOT, Congress, and the recipient.  Each recipient must publish such report on its website, along with the name, license number, and license type of each engineer supervising an aspect of the project.
Transportation Megaprojects Accountability and Oversight Act of 2015