EXECUTIVE BRANCH OVERSIGHT OF BUDGETS OF ELEMENTS OF THE INTELLIGENCE COMMUNITY.

SEC. 501. EXECUTIVE BRANCH OVERSIGHT OF BUDGETS OF ELEMENTS OF THE INTELLIGENCE COMMUNITY. (a) Report.—Not later than 90 days after the date of the enactment of this Act, the President shall submit to the appropriate congressional committees a report setting forth the actions that have been taken to ensure adequate oversight by the executive branch of the budget of the National Reconnaissance Office and the budgets of other elements of the intelligence community within the Department of Defense. (b) Report Elements.—The report required by subsection (a) shall— (1) describe the extent to which the elements of the intelligence community carrying out programs and activities in the National Foreign Intelligence Program are subject to 110 STAT. 3469requirements imposed on other elements and components of the Department of Defense under the Chief Financial Officers Act of 1990 (Public Law 101-576), and the amendments made by that Act, and the Federal Financial Management Act of 1994 (title IV of Public Law 103-356), and the amendments made by that Act; (2) describe the extent to which such elements submit to the Office of Management and Budget budget justification materials and execution reports similar to the budget justification materials and execution reports submitted to the Office of Management and Budget by the non-intelligence components of the Department of Defense; (3) describe the extent to which the National Reconnaissance Office submits to the Office of Management and Budget, the Community Management Staff, and the Office of the Secretary of Defense— (A) complete information on the cost, schedule, performance, and requirements for any new major acquisition before initiating the acquisition; (B) yearly reports (including baseline cost and schedule information) on major acquisitions; (C) planned and actual expenditures in connection with major acquisitions; and (D) variances from any cost baselines for major acquisitions (including explanations of such variances); and (4) assess the extent to which the National Reconnaissance Office has submitted to Office of Management and Budget, the Community Management Staff, and the Office of the Secretary of Defense on a monthly basis a detailed budget execution report similar to the budget execution report prepared for Department of Defense programs. (c) Definitions.—For purposes of this section: (1) The term “appropriate congressional committees” means the following: (A) The Select Committee on Intelligence and the Committee on Armed Services of the Senate. (B) The Permanent Select Committee on Intelligence and the Committee on National Security of the House of Representatives. (2) The term “National Foreign Intelligence Program” has the meaning given such term in section 3(6) of the National Security Act of 1947 (50 U.S.C. 401a(6)).