Federal Program Performance Act of 1992

Federal Program Performance Act of 1992 - Includes in the Federal budget a performance standards and goals plan for expenditures for covered Federal programs in FY 1994 and 1995.

Directs the Director of the Office of Management and Budget (OMB) to promulgate regulations requiring each Federal department and agency responsible for administering a covered program to establish such a plan for FY 1994 and 1995. Authorizes such agencies to establish an alternative plan, if the director determines that it is not feasible to express the performance standards and goals of the program in an objective and quantifiable form. Requires program performance reports.