Transportation Megaprojects Accountability and Oversight Act of 2015

To amend title 23, United States Code, to establish additional requirements for certain transportation projects with estimated costs of $2,500,000,000 or more, and for other purposes. 1. Short title This Act may be cited as the Transportation Megaprojects Accountability and Oversight Act of 2015 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 (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.

Summary: 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.