Truthfulness, Responsibility, and Accountability in Contracting Act

[AI summary unavailable — showing source text] Truthfulness, Responsibility, and Accountability in Contracting Act - Prohibits any Federal agency from making a decision to privatize, outsource, contract out, or contract for the performance of a function currently performed by such agency or to conduct a study to convert a function from Federal to contractor performance. Authorizes any agency to apply to the Director of the Office of Management and Budget for a waiver of such prohibition with respect to a particular function. Authorizes the Director to grant such waiver when: (1) necessary for the preservation of national security; (2) critical for the provision of patient care; or (3) necessary to prevent extraordinary economic harm. Requires waiver requests to be published in the Federal Register. Provides additional exceptions for functions with respect to which a labor organization is accorded exclusive recognition. (Sec. 5) Requires each agency to: (1) establish a centralized reporting system that allows it to generate periodic reports on its contracting efforts during the preceding and current fiscal years; and (2) generate and annually submit to the Director such reports. Requires each agency to report to specified congre…