FUNCTIONS OF THE BOARD.

SEC. 1523. FUNCTIONS OF THE BOARD.(a) Functions.—(1) In general.—The Board shall coordinate and conduct oversight of covered funds in order to prevent fraud, waste, and abuse.(2) Specific functions.—The functions of the Board shall include—(A) reviewing whether the reporting of contracts and grants using covered funds meets applicable standards and specifies the purpose of the contract or grant and measures of performance;(B) reviewing whether competition requirements applicable to contracts and grants using covered funds have been satisfied;(C) auditing or reviewing covered funds to determine whether wasteful spending, poor contract or grant management, or other abuses are occurring and referring matters it considers appropriate for investigation to the inspector general for the agency that disbursed the covered funds;(D) reviewing whether there are sufficient qualified acquisition and grant personnel overseeing covered funds;(E) reviewing whether personnel whose duties involve acquisitions or grants made with covered funds receive adequate training; and(F) reviewing whether there are appropriate mechanisms for interagency collaboration relating to covered funds, including coordinating and collaborating to the extent practicable with the Inspectors General Council on Integrity and Efficiency established by the Inspector General Reform Act of 2008 (Public Law 110–409).(b) Reports.—(1) Flash and other reports.—The Board shall submit to the President and Congress, including the Committees on Appropriations of the Senate and House of Representatives, reports, to be known as “flash reports”, on potential management and funding problems that require immediate attention. The Board also shall submit to Congress such other reports as the Board considers appropriate on the use and benefits of funds made available in this Act.123 STAT. 291(2) Quarterly reports.—The Board shall submit quarterly reports to the President and Congress, including the Committees on Appropriations of the Senate and House of Representatives, summarizing the findings of the Board and the findings of inspectors general of agencies. The Board may submit additional reports as appropriate.(3) Annual reports.—The Board shall submit annual reports to the President and Congress, including the Committees on Appropriations of the Senate and House of Representatives, consolidating applicable quarterly reports on the use of covered funds.(4) Public availability.—(A) In general.—All reports submitted under this subsection shall be made publicly available and posted on the website established by section 1526.(B) Redactions.—Any portion of a report submitted under this subsection may be redacted when made publicly available, if that portion would disclose information that is not subject to disclosure under sections 552 and 552a of title 5, United States Code.(c) Recommendations.—(1) In general.—The Board shall make recommendations to agencies on measures to prevent fraud, waste, and abuse relating to covered funds.(2) Responsive reports.—Not later than 30 days after receipt of a recommendation under paragraph (1), an agency shall submit a report to the President, the congressional committees of jurisdiction, including the Committees on Appropriations of the Senate and House of Representatives, and the Board on—(A) whether the agency agrees or disagrees with the recommendations; and(B) any actions the agency will take to implement the recommendations.