(A) Within one year after the effective date 
of this Act, each Executive agency shall imple-
ment section 3614(a) of title 31, United States 
Code, as added by this Act. 
(B) Within two years after the Board des-
ignates any common data element or data re-
porting standard under section 3611(a) of such 
title, as so added— 
(i) each Executive agency shall issue 
guidance under section 3614(e) of such 
title, as so added; 
(ii) the Director of the Office of Man-
agement and Budget shall issue guidance 
under section 3615 of such title, as so 
added; and 
(iii) the Secretary of the Treasury 
shall issue guidance under section 3616 of 
such title, as so added. 
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TITLE II—FEDERAL ACCOUNT-
ABILITY 
AND 
SPENDING 
TRANSPARENCY BOARD 
SEC. 201. FEDERAL ACCOUNTABILITY AND SPENDING 
TRANSPARENCY BOARD. 
Chapter 36 of title 31, United States Code, as added 
by section 101, is further amended by inserting after sub-
chapter II the following new subchapter: 
‘‘SUBCHAPTER III—FEDERAL ACCOUNTABILITY 
AND SPENDING TRANSPARENCY BOARD 
‘‘§ 3621. Establishment 
‘‘(a) ESTABLISHMENT.—There is established the 
Federal Accountability and Spending Transparency Board 
as an independent agency in the Executive Branch. 
‘‘(b) FUNCTIONS AND POWERS TRANSFERRED.— 
‘‘(1) FUNCTIONS
TRANSFERRED.—Except as 
provided in this section, there are transferred to the 
Board all functions of the Recovery Accountability 
and Transparency Board. 
‘‘(2) POWERS, AUTHORITIES, RIGHTS, AND DU-
TIES.—The Federal Accountability and Spending 
Transparency Board shall succeed to all powers, au-
thorities, rights, and duties that were vested in the 
Recovery Accountability and Transparency Board on 
the day before the effective date of this Act. 
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‘‘§ 3622. Composition of the board 
‘‘(a) CHAIRPERSON.— 
‘‘(1) IN GENERAL.—There is a Chairperson of 
the Board, who shall be appointed by the President, 
by and with the advice and consent of the Senate. 
‘‘(2) HEAD OF BOARD.—The Chairperson is the 
head of the Board and shall have direction, author-
ity, and control over it. 
‘‘(3) COMMISSION ESTABLISHED.—When a va-
cancy occurs in the office of Chairperson of the 
Board, a commission is established to recommend 
individuals to the President for appointment to the 
vacant office. The commission shall be composed 
of— 
‘‘(A) the Speaker of the House of Rep-
resentatives; 
‘‘(B) the President pro tempore of the 
Senate; 
‘‘(C) the majority and minority leaders of 
the House of Representatives and the Senate; 
and 
‘‘(D) the chairmen and ranking minority 
members of the Committee on Homeland Secu-
rity and Governmental Affairs of the Senate 
and the Committee on Oversight and Govern-
ment Reform of the House of Representatives. 
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‘‘(4) RECOMMENDATIONS.—A commission es-
tablished because of a vacancy in the office of the 
Comptroller General shall recommend at least three 
individuals. The President may ask the commission 
to recommend additional individuals. 
‘‘(5) TERM.—The term of service of the Chair-
person of the Board shall be 5 years, but the Chair-
person may serve after the expiration of the Chair-
person’s term until a successor has taken office. 
‘‘(6) LIMITATION ON TERMS.—No person may 
serve as the Chairperson of the Board for more than 
2 terms, whether or not such terms of service are 
consecutive. 
‘‘(7) COMPENSATION.—An individual appointed 
as Chairperson under paragraph (1) shall be com-
pensated at the rate of basic pay prescribed for level 
III of the Executive Schedule under section 5314 of 
title 5, United States Code. 
‘‘(b) MEMBERS.—The members of the Board shall in-
clude— 
‘‘(1) the Inspectors General of the Department 
of Agriculture, the Department of Defense, the De-
partment of Education, the Department of Energy, 
the Department of Health and Human Services, the 
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Department of Homeland Security, and the Depart-
ment of Transportation; 
‘‘(2) the Deputy Secretaries of the Department 
of Agriculture, the Department of Education, the 
Department of Energy, the Department of Health 
and Human Services, and the Department of Trans-
portation; the Chief Management Officer of the De-
partment of Defense, and the Undersecretary for 
Management of the Department of Homeland Secu-
rity; and 
‘‘(3) the Controller of the Office of Manage-
ment and Budget and the Deputy Director for Man-
agement of the Office of Management and Budget. 
‘‘§ 3623. Functions 
‘‘(a) IN GENERAL.—The Board shall— 
‘‘(1) be responsible for the collection, storage, 
and public disclosure of information about Federal 
spending; 
‘‘(2) serve as the authoritative government 
source for the information about Federal spending 
that it collects; and 
‘‘(3) coordinate and conduct oversight of Fed-
eral funds in order to prevent fraud, waste, and 
abuse. 
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