A bill to amend the Federal Energy Administration Act of 1974, as amended.

Amends the Federal Energy Administration Act of 1974 to direct the Federal Energy Administrator to require disclosure of possible conflicts of interest or unfair competitive advantages resulting from contracts entered into pursuant to such Act. Prohibits the Administrator from entering into such contracts unless such conflict has been avoided or mitigated.

Creates the position of Inspector General in the Federal Energy Administration to conduct audits and investigations of the programs and operations of the Administration. Directs the Inspector General to submit annual reports to the Administrator and to Congress.

Transfers functions from the Office of Internal Review, the Office of Security and Safety, and other offices in the Administration involving related activities, to the Inspector General.