US HB1722

Requires the Office of Management and Budget (OMB) Director to issue guidance within 1 year mandating annual reports from all Executive agencies and independent regulatory agencies on "covered projects"

Defines covered projects as federally-funded projects that are either more than 5 years behind their original completion date OR at least $1 billion over the original cost estimate

Covers major acquisitions, defense acquisition programs, procurements, construction projects, and remediation efforts, excluding direct spending programs

Mandates agencies report detailed project information including purpose, location, contractors, original and current cost estimates (adjusted for inflation), completion dates, explanations for delays or cost increases, and any bonuses awarded

OMB must compile agency submissions into an annual report submitted to Congress and published on the OMB website