‘‘(ii) sufficient accounting controls to 
properly manage such Federal funds. 
‘‘(C) PERIODIC
REVIEW.—The Secretary 
shall periodically review the monitoring of sub-
recipients by the applicant. 
‘‘(5) 
SPECIFIC
OVERSIGHT
RESPONSIBIL-
ITIES.—Nothing in this section shall affect or dis-
charge any oversight responsibility of the Secretary 
specifically provided for under this title or other 
Federal law. 
‘‘(h) MAJOR PROJECTS.— 
‘‘(1) IN GENERAL.—A recipient of a grant for 
a project under this section with an estimated total 
cost of $500,000,000 or more, and a recipient for 
such other projects as may be identified by the Sec-
retary, shall submit to the Secretary for each 
project— 
‘‘(A) a project management plan; and 
‘‘(B) an annual financial plan. 
‘‘(2) PROJECT MANAGEMENT PLAN.—A project 
management plan shall document— 
‘‘(A) the procedures and processes that are 
in effect to provide timely information to the 
project decisionmakers to effectively manage the 
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scope, costs, schedules, quality of, and the Fed-
eral requirements applicable to, the project; and 
‘‘(B) the role of the agency leadership and 
management team in the delivery of the project. 
‘‘(3) 
FINANCIAL
PLAN.—A 
financial 
plan 
shall— 
‘‘(A) be based on detailed estimates of the 
cost to complete the project; and 
‘‘(B) provide for the annual submission of 
updates to the Secretary that are based on rea-
sonable assumptions, as determined by the Sec-
retary, of future increases in the cost to com-
plete the project. 
‘‘(i) OTHER PROJECTS.—A recipient of Federal fi-
nancial assistance for a project under this section with an 
estimated total cost of $100,000,000 or more that is not 
covered by subsection (h) shall prepare an annual financial 
plan. Annual financial plans prepared under this sub-
section shall be made available to the Secretary for review 
upon the request of the Secretary. 
‘‘(j) OTHER TERMS
AND CONDITIONS.—The Sec-
retary shall determine what additional grant terms and 
conditions are necessary and appropriate to meet the re-
quirements of this section. 
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‘‘(k) REGULATIONS.—Not later than 1 year after the 
date of enactment of this section, the Secretary shall pre-
scribe regulations to implement this section. 
‘‘(l) APPLICANT DEFINED.—In this section, the term 
‘applicant’ includes a State, a political subdivision of a 
State, government-sponsored authorities and corporations, 
and the District of Columbia. 
‘‘(m) SECRETARIAL OVERSIGHT.— 
‘‘(1) CONSTRUCTION
OVERSIGHT.—The Sec-
retary may use no more than 1 percent of amounts 
made available in a fiscal year for capital projects 
under this section to enter into contracts to oversee 
the construction of such projects. 
‘‘(2) COMPLIANCE REVIEWS AND AUDITS.—The 
Secretary may use amounts available under para-
graph (1) to make contracts for safety, procurement, 
management, and financial compliance reviews and 
audits of a recipient of amounts under paragraph 
(1). 
‘‘(3) FEDERAL
COSTS.—The Federal Govern-
ment shall pay the entire cost of carrying out a con-
tract under this subsection.’’. 
(b) CONFORMING AMENDMENT.—The analysis for 
chapter 55 of title 49, United States Code, is amended 
by adding at the end the following: 
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‘‘SUBCHAPTER III—FINANCIAL ASSISTANCE 
‘‘5581. National freight infrastructure investment grants.’’. 
Æ 
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