• make specific and actionable recommendations to congressional committees for legislative changes, including opportunities to increase efficiency and reduce government costs, proposals to reduce government expenditures and indebtedness and improve personnel management, and proposals to make the federal government more economical, efficient, and effective;
• make recommendations to the President for the elimination, consolidation, or improvement of federal programs and for reinvestment and opportunities for innovation in federal agencies;
• provide advice and recommendations to federal agencies to make programs more economical, efficient, and effective, to the Office of Management and Budget (OMB) to improve and report on agency performance plans, and to Congress, OMB, and federal agencies on the design and implementation of significant new federal programs;
• provide a mechanism whereby federal employees, citizens, and other interested parties can offer ideas and recommendations for reviewing and improving federal programs;
• conduct research into best organization practices and government reform efforts and provide a repository for such information;
• develop and maintain criteria and a schedule for assessing federal agencies and programs;
• assess program evaluations;
• maintain the privacy and security of any data used by the Commission; and
• support requests made under the Freedom of Information Act.

Requires the Commission to make interim and annual reports on its activities to the President and Congress.

Provides for expedited congressional consideration of legislation to implement recommendations of the Commission.

Terminates the Commission seven years after the enactment of this Act.