Reconstruction Accountability and Fraud Prevention Act of 2005 - Prohibits, except as provided in this Act, any of the funds appropriated or otherwise made available by the Emergency Supplemental Appropriations Act to Meet Immediate Needs Arising From the Consequences of Hurricane Katrina, 2005, by the Second Emergency Supplemental Appropriations Act to Meet Immediate Needs Arising From the Consequences of Hurricane Katrina, 2005, or through the Iraq Relief and Reconstruction Fund from being obligated or spent in connection with a contract or covered task order entered into after enactment of this Act with a contractor that, during the previous five years: (1) has been found by an executive agency or any Inspector General to have overcharged or improperly billed the federal government by a total of at least $10 million through one or more overcharges; (2) has been found by such an agency or any Inspector General to have committed one or more fraudulent acts resulting in total costs or losses to the federal government of at least $10 million; or (3) has been suspended or debarred for at least a one-year period under the federal suspension and debarment regulations. Defines "covered task order" to mean a task order valued at more than $10 million entered into pursuant to a contract entered into before this Act's enactment.
Allows the President to waive such restrictions if the President determines that it is in the national security interest of the United States and submits to the appropriate congressional authorities a report describing the reasons for such determination.