The Program Management Improvement and Accountability Act of 2015 introduced April 30 would create a formal job series and career path for program managers in the federal government in order to improve how agencies manage projects.

The bill also requires that the Office of Management and Budget develop and adopt governmentwide standards, policies and guidelines for program and project management at federal agencies, as well as chair an interagency council on program management.

OMB would also conduct annual reviews of agency projects and programs to see if they were being managed correctly, including addressing issues identified as high risk by the Government Accountability Office.

Each agency would also have to designate a senior executive as a "program management improvement officer" who would be responsible for program management policy and strategy as well as developing ways to recruit and retain qualified project managers.

Mark Langley, president and CEO of the Project Management Institute, said government organizations currently waste an average of $119 million for every $1 billion spent because of avoidable poor project performance.

"PMI's research shows that organizations that invest in formalizing program management practices, improve outcomes, accountability and efficiency," Langley said. "The Program Management Improvement and Accountability Act of 2015 will make significant improvements to program and project management policy in the U.S. government, and will help address existing issues in flexible, affordable way."

The legislation is sponsored by Rep. Gerry Connolly, D-Va., and Todd Young, R-Ind.