(a) Covered period defined In this section, the term covered period means— (1) with respect to an initial report required under subsection (b), the period between the date of enactment of this Act and the date of the report; and (2) with respect to any succeeding report required under subsection (b), the period between the date of the most recent report and the succeeding report. (b) Requirement Not later than 540 days 2 years after the date of enactment of this Act, and annually thereafter until the date that is 5 years thereafter, the Secretary of Homeland Security shall submit to the Committee on Homeland Security and Governmental Affairs of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives a report that— (1) reviews how the repeal under section 2 has— (A) prevented waste, fraud, and abuse; and (B) promoted taxpayer savings; and (2) includes, with respect to a contract entered into or extended by the Administrator of the Federal Emergency Management Agency under urgent and compelling circumstances during the covered period for which the Administrator did not solicit bids— (A) the number of those contracts; (B) the subject of each contract; (C) the amounts obligated by the Administrator for each contract; (D) if applicable, the State benefitted by each contract; and (E) if applicable, the name of the major disaster or emergency for which each contract was entered into or extended.