US SB766

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

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

Mandates detailed reporting for each covered project including purpose, location, contract numbers, contractors/grantees, original and current cost estimates (adjusted for inflation), original and current completion dates, and explanations for delays or cost increases

Requires disclosure of any bonuses, incentive fees, or awards given on covered projects along with the rationale for such payments

Director must submit the compiled annual report to Congress and publish it on the OMB website for public transparency