Foreign Assistance Accountability Act

Foreign Assistance Accountability Act - Prohibits using U.S. foreign aid funds in any way that would result in corrupt personal financial gain for any person or for any purpose other than the purpose for which the assistance was provided. Directs the President to establish strict accounting procedures for U.S. foreign aid funds and to establish sanctions for misuse of such funds. Imposes criminal sanctions for misuse of such funds. Requires all foreign assistance agreements entered into more than 90 days after enactment of this Act to incorporate the procedures and sanctions established by this Act. Requires the President to report to the Congress on the steps taken to establish such procedures and sanctions.