Waste and Abuse Information Collection Act

Waste and Abuse Information Collection Act - Requires the Director of the Office of Management and Budget to provide for the operation of toll-free telephone facilities for the collection of information concerning fraud, waste, or abuse in the expenditure of Federal funds by any direct recipient of such funds. Requires the Director to assure that: (1) complaints are promptly referred to the Inspector General or other appropriate official of the agency responsible for the funds; (2) the identities of complainants who request confidentiality are protected; and (3) complainants are notified of their rights to be protected against recriminations for providing information, their opportunities for incentive awards, and progress in the investigation of their complaints.

Requires that each contract, grant and loan application, and cooperative agreement involving a specified amount of Federal funds for non-Federal parties provide that the direct recipient of such funds: (1) will not take any adverse personnel or other action against any employee as a reprisal for providing information concerning waste, fraud, or abuse; (2) if found to have taken such an adverse action, will take appropriate affirmative measures to redress such action or pay damages or both; (3) will post a notice of the employee rights and remedies under this Act, incentive award opportunities, and appropriate methods of informing officials of waste, fraud, or abuse; and (4) will require indirect recipients to comply with this Act.

Directs the head of each Federal agency to: (1) provide for prompt investigation of complaints regarding prohibited adverse actions against employees who provide information on waste, fraud, or abuse; and (2) institute proceedings on any complaint which is believed to demonstrate a violation of this Act. Provides for judicial review of agency actions taken pursuant to such proceedings.

Exempts grant applications and cooperative agreements under specified acts from this Act.

Permits a Federal agency to enter into cooperative agreements with State agencies for assistance in the collection and investigation of information on waste, fraud, and abuse and complaints of prohibited adverse actions against employees.

Authorizes the head of a Federal agency to pay a cash award to any individual whose disclosure of fraud, waste, or abuse has resulted in cost savings for the agency. Directs the agency head to consider factors such as the importance of information provided and the risk taken by the informant when establishing the amount of such an award. Limits the maximum amount to a specified percentage of the resulting cost savings.

Directs the Comptroller General to review awards made and procedures used to verify cost savings.