Improper Payments Elimination and Recovery Improvement Act of 2012

[AI summary unavailable — showing source text] Improper Payments Elimination and Recovery Improvement Act of 2012- Requires the Director of the Office of Management and Budget (OMB) to: (1) identify, on an annual basis, a list of high-priority federal programs for greater levels of oversight and review of improper payments; (2) coordinate with agencies responsible for administering high-priority programs to establish annual targets and semi-annual or quarterly actions for reducing improper payments; and  (3) provide guidance to agencies for improving estimates of improper payments. Requires federal agencies to: (1) report to their Inspectors General on an annual basis on any high-dollar improper payments identified by such agencies and make such reports available to the public, and (2) review prepayment and preaward procedures and available databases to determine program or award eligibility and prevent improper payments before releasing any federal funds.  Establishes a Do Not Pay Initiative based on information from databases maintained by the federal government, including the database of the Social Security Administration (SSA) reporting deaths of social security recipients. Requires the Di…