Transportation Megaprojects Accountability and Oversight Act of 2015
This bill requires a recipient of federal financial assistance under National Highway System provisions for a megaproject (a project that has an estimated total cost of $2.5 billion or more and such other projects as may be identified by the Department of Transportation [DOT]), in order to be authorized for construction, to submit to DOT a comprehensive risk management plan that contains:
a description of the process by which the recipient will identify, quantify, and monitor the risks that might result in cost overruns, project delays, reduced construction quality, or reductions in benefits; examples of mechanisms the recipient will use to track such risks; a plan to control such risks; and assurances that the recipient will regularly submit updated cost estimates and maintain and regularly reassess financial reserves for addressing risks. A recipient also must establish a peer review group to give expert advice on the scientific, technical, and project management aspects of the project. Each peer review group must:
meet annually until the project is completed; review the project within 90 days after any significant change in its scope, schedule, or budget; and report on the findings of each review to DOT, Congress, and the recipient. Each recipient must publish such report on its website, along with the name, license number, and license type of each engineer supervising an aspect of the project.
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