This bill, titled the "Fraud Prevention and Accountability Act," aims to significantly enhance the federal government's ability to prevent fraud and ensure program integrity. It achieves this by strengthening the Department of the Treasury's Fiscal Service, mandating it to administer the Do Not Pay system and establish a comprehensive governmentwide data analysis program. This program will facilitate data sharing among federal agencies, states, and non-governmental entities to detect fraud and prevent improper payments, requiring agencies to share information on known or suspected fraudulent entities and transactions. A key provision is the establishment of a permanent Inspector General for Fraud, Accountability, and Recovery (IGFAR) within the Department of the Treasury, appointed by the President with Senate consent. The IGFAR will conduct and coordinate oversight activities, including audits and investigations, across a broad range of "covered funds," which encompass various federal relief, infrastructure, and other significant spending programs. The IGFAR is tasked with supporting agency Inspectors General, coordinating with the Department of Justice, and developing an independent data analytics platform to identify and combat fraud, waste, abuse, and mismanagement. The IGFAR will possess extensive powers, including being considered a civil or criminal law enforcement activity for certain purposes, and will report annually to Congress on its activities, including estimates of prevented fraudulent payments and policy recommendations. The office is also required to maintain a user-friendly, public-facing website to promote transparency and accountability regarding the use of covered funds. This website will serve as a centralized portal for oversight information and findings. Furthermore, the bill grants the Secretary of the Treasury new authority to negotiate data sharing agreements with federal agencies and private entities to bolster fraud prevention efforts and support the Do Not Pay Initiative and the IGFAR. It also mandates that the Treasury, in coordination with the Office of Management and Budget and the IGFAR, provide legislative recommendations to Congress for future large-scale spending measures to ensure robust fraud prevention, payment integrity, and spending transparency best practices are incorporated. Finally, the legislation mandates the termination of the Pandemic Response Accountability Committee (PRAC) and the transfer of all its assets, obligations, and personnel to the new IGFAR office. This transition is set to occur on December 31, 2028, with the Chairperson or Executive Director of the PRAC temporarily leading the new office until a permanent Inspector General is appointed, ensuring continuity in federal oversight efforts.