This legislation establishes a requirement for annual reporting on federal projects that are significantly over budget or behind schedule. It defines a "covered project" as one funded by an Executive or independent regulatory agency that is either more than five years behind its original completion date or at least $1 billion over its initial cost estimate. This aims to bring greater transparency to large-scale government spending. The bill directs the Director of the Office of Management and Budget (OMB) to issue guidance within one year, compelling covered agencies to submit detailed annual information on these projects. This information must include a brief description, an explanation of any scope changes, original and current completion dates, and original and current cost estimates, adjusted for inflation. It also requires agencies to provide explanations for any delays or cost increases, including the impact of insufficient appropriations. Furthermore, agencies must detail any awards, incentive fees, or other bonuses granted for the covered project. The OMB Director is then mandated to compile all this submitted data into an annual report. This report will be submitted to Congress and publicly posted on the OMB website, thereby enhancing public accountability for major federal expenditures.