This Act may be cited as the PBM Reporting Transparency Act.

The Medicare Payment Advisory Commission shall submit to Congress the following reports: (1) Initial report Not later than the first March 15 occurring after the date that is 2 years after the date on which the Secretary makes the data available to the Commission, a report regarding agreements with pharmacy benefit managers with respect to prescription drug plans and MA–PD plans. Such report shall include, to the extent practicable— (A) a description of trends and patterns, including relevant averages, totals, and other figures for the types of information submitted; (B) an analysis of any differences in agreements and their effects on plan enrollee out-of-pocket spending and average pharmacy reimbursement, and other impacts; and (C) any recommendations the Commission determines appropriate. (2) Final report Not later than 2 years after the date on which the Commission submits the initial report under paragraph (1), a report describing any changes with respect to the information described in paragraph (1) over time, together with any recommendations the Commission determines appropriate.