Oversight of Vital Emergency Recovery Spending Enhancement and Enforcement Act of 2005 - Establishes within the Executive Office of the President the Office of the Hurricane Katrina Recovery Chief Financial Officer (CFO), who shall be appointed by the President, by and with the advice and consent of the Senate.
Makes the CFO responsible for the efficient and effective use of federal funds in all activities relating to the recovery from Hurricane Katrina.
Requires the CFO to strive to ensure that priority in the distribution of federal: (1) relief funds is given to individuals and organizations most in need of financial assistance; and (2) reconstruction funds is given to business entities based in Louisiana, Mississippi, Alabama, or Florida, or business entities that hire workers who resided in those states on August 24, 2005.
Requires the CFO also to: (1) oversee all financial management activities relating to the programs and operations of the Hurricane Katrina recovery effort; (2) develop and maintain an integrated accounting and financial management system; and (3) monitor the financial execution of the budget of federal agencies relating to recovery from Hurricane Katrina in relation to actual expenditures.
Requires the CFO to submit a monthly financial report to specified congressional committees.
Requires the Government Accountability Office (GAO) to provide quarterly reports to such congressional committees relating to all activities and expenditures overseen by the office.
Authorizes appropriations.
Terminates the office and the position of CFO one year after enactment of this Act. Authorizes the President, however, to extend the office and the position annually for up to five years.