Audits and reports

(a) Report to Congress Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Board shall submit to Congress a report on the activities of the Corporation. (b) Annual audit Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Inspector General of the Corporation shall— (1) conduct an account audit of the Corporation; (2) conduct, supervise, and coordinate investigations of the business activities of the Corporation; (3) ensure that the Corporation is acting consistent with this Act; and (4) submit the results of such audit to Congress. (c) GAO audit and report Not later than 5 years after the date of enactment of this Act, and every 5 years thereafter, the Comptroller General of the United States shall— (1) conduct an evaluation of the activities of the Corporation from the previous 5 fiscal years; and (2) submit to Congress a report containing the results of such evaluation, which shall include— (A) an assessment of the impact and benefits of each infrastructure project financed through the Corporation; and (B) a review of the effectiveness of such infrastructure project in accomplishing the goals of this Act. (d) Application waiting period Before any loan or loan guarantee is awarded under this Act, the Corporation shall submit to Congress a report describing the application for such loan or loan guarantee. The Corporation may not award the loan or loan agreement before the end of the 60-day period following the submission of such report to Congress. The Corporation may award the loan or loan agreement after such period unless Congress enacts a joint resolution disapproving the application with an explanation for such disapproval. (e) Rejected applications An application that is rejected under subsection (d) shall not be resubmitted to the Corporation unless the basis for the disapproval of the application has been addressed by the resubmitted application.