Water Resources Planning and Modernization Act of 2006

[AI summary unavailable — showing source text] Water Resources Planning and Modernization Act of 2006 - Directs: (1) the Water Resources Council to report to the President and Congress on U.S. vulnerability to damage from flooding and related storm damage, including the risks to human life and property and the comparative risks faced by different regions of the country; and (2) the Administration to submit a report responding to, and including proposals to implement, the Council's recommendations. Requires the Council: (1) to submit initial and followup reports to Congress containing a prioritized list of Corps of Engineers water resources projects, based on specified criteria; and (2) in coordination with the National Academy of Sciences, to propose revisions to the planning principles and guidelines, regulations, and circulars of the Corps to improve the process by which the Corps analyzes and evaluates projects. Includes as members of the Council the Secretary of Homeland Security and the Chairperson of the Council on Environmental Quality. Subjects projects meeting specified guidelines to review by an independent panel of experts. Requires the Inspector General of the Army to appoint within the Inspector General's Office a …