(a)
Definitions—
(1)
Covered agency— The term covered agency means—
(B)
an independent regulatory agency, as defined in section 3502 of title, 44, United States Code.
(2)
Federal financial assistance; program— The terms Federal financial assistance and program have the meaning given those terms in section 1122(a) of title 31, United States Code.
(3)
Relevant report— The term relevant report means—
(A)
a report described in section 3516(a)(2) of title 31, United States Code; or
(B)
the consolidated report described in section 3516(a)(1) of title 31, United States Code.
(b)
Guidance— Not later than 1 year after the date of enactment of this Act, the Director of the Office of Management and Budget shall issue guidance that requires the head of each covered agency to include, on an annual basis, in a relevant report—
(1)
a list of each program and revolving fund of the covered agency that—
(A)
provides Federal financial assistance; and
(B)
did not provide Federal financial assistance during the 1-year period preceding the date of the report;
(2)
an explanation of why each program or revolving fund described in paragraph (1) did not award Federal financial assistance during the 1-year period preceding the date of the report; and
(3)
the amount of budget authority available for each program or revolving fund described in paragraph (1).