Legislative Oversight Act

Legislative Oversight Act - Title I: Requirements for Authorization Bills - Requires all legislation considered by either House of Congress which authorizes new budget authority or increased tax expenditures to include a statement of objectives of the program to be authorized or established and a requirement that the agencies administering the program report annually to Congress to assist it in determining whether such program should be amended. Requires such agency reports to list the costs and accomplishments of each program.

Title II: Requirements for Reports Accompanying Authorization Bills - Requires committee reports accompanying such legislation to identify expected economic and social costs and benefits of new programs authorized or established by such legislation, potentially duplicative programs, and previous efforts to accomplish the objectives of the program being considered. Requires reports to contain, if the legislation continues an existing program, authorization, or tax expenditure, an assessment of the degree to which such program or tax expenditure has met previously stated objectives.

Requires the Comptroller General to publish and periodically update a descriptive catalog of interrelated Federal activities which compares program costs and accomplishments and describes program interrelationships, including the extent to which programs are duplicative.

Title III: Presidential Budget Recommendations - Requires the President's budget to describe the relationship between the President's recommended program budgets and the program accomplishments reported by Federal agencies under this Act.

Title IV: Authorization Time Limit; Certain Obligations not Impaired - Prohibits congressional consideration of any legislation which authorizes new budget authority or provides new or increased tax expenditures, or new spending authority for a period exceeding five years. Exempts from this prohibition national debt service and payments to individuals from Federal trust funds to which such individuals have contributed.

Title V: Miscellaneous Provisions; Effective Date - Recognizes the authority of either House to amend this Act. Sets the effective date of this Act.