Transportation Megaprojects Accountability and Oversight Act

This legislation establishes new requirements for "megaprojects," defined as transportation projects with an estimated total cost of $2,500,000,000 or more , or other projects identified by the Secretary. To receive federal financial assistance for construction, recipients must submit a comprehensive risk management plan . This plan details how the recipient will identify, quantify, monitor, and control risks that could lead to cost overruns, project delays, or reduced quality, and requires regular updates on cost estimates and financial reserves. Additionally, the bill mandates the establishment of a peer review group for each megaproject, comprising at least five individuals with relevant expertise, to annually review the project's scope, schedule, and budget, and report findings to the Secretary, Congress, and the recipient. To ensure transparency , recipients must publish supervising engineers' information and peer review reports online. Finally, the Secretary of Transportation is directed to arrange for the Transportation Research Board to convene a committee to study megaproject challenges and recommend improvements to funding and oversight.