This bill creates new oversight rules for massive transportation projects that cost $2.5 billion or more—think major highways, bridges, or rail systems. Right now, these mega-projects often run over budget and behind schedule, so this law tries to fix that problem by requiring better planning and independent review.

Here's what projects have to do: First, they need to create a detailed risk management plan that identifies what could go wrong (cost overruns, delays, quality problems) and how they'll track and control those risks. They also have to keep the federal government updated on costs and maintain financial reserves for unexpected problems. Second, they must set up a peer review group—at least 5 independent experts including someone with project management experience—who will meet every year and review the project's scope, schedule, and budget. These experts can't have any financial stake in the project to avoid conflicts of interest. Third, projects must be transparent by publishing the names and licenses of engineers overseeing the work and sharing the peer review reports online within 90 days. Finally, the federal government is commissioning a study through the National Academies to look at what goes wrong with megaprojects in other countries (especially the UK and France) and recommend better ways to manage them.