To develop Federal Government performance standards and goals plans, and for other purposes.

Directs the Office of Management and Budget (OMB) to promulgate regulations requiring each department and agency to establish a performance standards and goals plan for each major expenditure category of the budget of such department or agency. Requires OMB to: (1) review and adjust such plans and establish an overall performance standards and goals plan for the Federal Government; and (2) monitor the implementation by each agency of its performance standards and goals and correction of other identified program problems or material weaknesses.

Provides that it shall not be in order for either House of Congress to consider any bill or resolution which provides for the authorization of appropriations or for the appropriation of funds, unless it specifies performance standards and goals for such authorization or appropriation.

Amends the Inspector General Act of 1978 to direct each Inspector General to: (1) determine in each audit conducted, supervised, or coordinated whether any material weakness exists; and (2) investigate allegations of fraud or misrepresentation in reports by Federal managers. Applies such requirements to any Inspector General to whom the provisions of such Act do not apply.

Requires each audit by the Comptroller General of an agency to include a determination of whether any material weakness exists.

Amends the Inspector General Act of 1978 to require each Inspector General to include in immediate reports on serious or flagrant problems information regarding: (1) a failure to meet established policy objectives and the performance standards discussed above; and (2) any problem, abuse, or deficiency causing a material loss to the Government. Requires the semiannual reports submitted by the Secretary of Housing and Urban Development to include a statement of the goals for each program under the Department and the measure of the effectiveness with which the Department has obtained such goals during the reporting period, together with an assessment of actions to be undertaken to achieve the goals.