United States Olympic Committee Reform Act

United States Olympic Committee Reform Act - Amends the Ted Stevens Olympic and Amateur Sports Act to limit the stated purposes of the United States Olympic Committee.

Provides new governance provisions for the Committee. Establishes a Board of Directors composed of eight elected members to: (1) oversee the Committee's operations; (2) set the policy and direction of the Committee; (3) establish a Nominating and Governance Committee to provide a process for nominating new Board members; (4) elect new Board members from among those nominees; (5) select and evaluate the Chief Executive Officer required by this Act; and (6) oversee the bid city process in the United States and monitor the organizing committee of the Olympic Games when the Games are held in the United States. Authorizes the removal of Board members for cause.

Requires the Committee to establish an Olympic Assembly in which all of the constituencies of the Committee are represented.

Directs the Committee to maintain a standards and compliance program that includes specified minimal components. Requires the Board to appoint an independent commission to conduct and submit to Congress ten-year reviews of the Committee's governance structure.

Sets forth transition provisions that allow for the continued existence of the current Board until a new Board is elected pursuant to this Act.

Gives the Board responsibility for hiring an ombudsman for athletes.

Requires the Committee to submit annual reports on its operations to the President and Congress.