Sec. 1103. STUDY ON ECONOMIC AND BUDGETARY ANALYSES

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## SEC. 1103 STUDY ON ECONOMIC AND BUDGETARY ANALYSES ###

(a)In General Not later than 180 days after the date of enactment of this Act, the Secretary shall enter into an agreement with the National Academy of Sciences to— ####

(1)carry out a study on the economic principles and analytical methodologies currently used by or applied to the Corps of Engineers to formulate, evaluate, and budget for water resources development projects; and ####

(2)make recommendations to Congress on potential changes to such principles and methodologies to improve transparency, return on Federal investment, cost savings, and prioritization, in the formulation, evaluation, and budgeting of such projects. ###

(b)Considerations The study under subsection

(a)shall include— ####

(1)an analysis of the current economic principles and analytical methodologies used by or applied to the Corps of Engineers in determining the total benefits and total costs during the formulation of, and plan selection for, a water resources development project; ####

(2)an analysis of improvements or alternatives to how the Corps of Engineers utilizes the National Economic Development, Regional Economic Development, Environmental Quality, and Other Social Effects accounts developed by the Institute for Water Resources of the Corps of Engineers in the formulation of, and plan selection for, such projects; ####

(3)an analysis of whether such principles and methodologies fully account for all of the potential benefits of project alternatives, including any reasonably associated benefits of such alternatives that are not contrary to law, Federal policy, or sound water resources management; ####

(4)an analysis of whether such principles and methodologies fully account for all of the costs of project alternatives, including potential societal costs, such as lost ecosystem services, and full lifecycle costs for such alternatives; ####

(5)an analysis of the methodologies utilized by the Federal Government in setting and applying discount rates for benefit-cost analyses used in the formulation, evaluation, and budgeting of Corps of Engineers water resources development projects; ####

(6)an analysis of whether or not the Corps of Engineers— #####

(A)considers cumulative benefits of locally developed projects, including Master Plans approved by the Corps; and #####

(B)uses the benefits referred to in subparagraph

(A)for purposes of benefit-cost analysis for project justification for potential projects within such Master Plans; and ####

(7)consideration of the report submitted under section 1204, if that report is submitted prior to completion of the study under this section. ###

(c)Publication The agreement entered into under subsection

(a)shall require the National Academy of Sciences to, not later than 30 days after the completion of the study— ####

(1)submit a report containing the results of the study and the recommendations to the Committee on Environment and Public Works of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives; and ####

(2)make a copy of such report available on a publicly accessible website.