Purchase Card Waste Elimination Act of 2006

Purchase Card Waste Elimination Act of 2006 - Requires the Director of the Office of Management and Budget (OMB) to issue guidelines to assist executive agencies in improving the management of the use of the governmentwide commercial purchase card for making micropurchases.

Requires such guidelines to cover an analysis of purchase card expenditures to identify opportunities for achieving and accurately measuring: (1) fair participation of small business concerns in micro-purchases, consistent with the national policy on small business participation in federal procurements set forth in the Small Business Act; and (2) dissemination of best practices for participation of small business concerns in micro-purchases.

Requires the Administrator of General Services (GSA) to continue efforts to improve reporting by financial institutions that issue such a card so that GSA has the data needed to: (1) identify opportunities for achieving savings; and (2) actively pursue point-of-sale discounts with major vendors accepting it so that any federal government purchaser using it can benefit from such discounts.

Requires the senior procurement executive for each executive agency, as directed by OMB, to report periodically to OMB on the actions taken in the agency pursuant to the guidelines.

Requires OMB to report annually to specified congressional committees on the progress made in: (1) improving management of the use of the purchase card; and (2) achieving certain savings in micropurchases made with it.

Requires GSA, in conjunction with the Internal Revenue Service (IRS) and the Financial Management Service, to develop procedures to subject to the Federal Payment Levy program any purchase card payments to federal contractors.

Requires GSA to report annually to specified congressional committees on all first class and business class travel by executive agency employees undertaken at federal expense.