Eliminate Preventable Waste Act - Directs the Commissioner of the Social Security Administration (SSA), the Secretary of Agriculture, the Secretary of Labor, the Secretary of Health and Human Services (HHS), the Secretary of the Treasury, and the Secretary of Veterans Affairs (VA) to: (1) conduct reviews of specified programs they administer to identify improper payments, and (2) report on such reviews in their budget submissions to the Office of Management and Budget (OMB) and to Congress. Requires such reports to OMB to be included in the President's annual budget submission to Congress.
Requires a rescission of funds for such an agency if its report does not show a decrease in the improper payment rate from the preceding fiscal year for the relevant program.