Requires the Director of OMB to issue guidance requiring covered agencies to report annually on large or very delayed projects. Agencies must submit defined data about each covered project, OMB must compile the submissions into an annual report for Congress, and post the report on OMB’s website for public access.

The rulemaking defines who and what counts as a covered agency and a covered project, specifies the data elements agencies must provide, and sets an annual reporting and publication requirement to increase oversight and transparency of major federal projects.