of USAID shall submit to Congress a report on the assessment described in this subsection. 7. Modifications relating to the Code of Federal Regulations and other requirements (a) Increase in the de minimis indirect cost The Administrator of USAID is authorized to increase the de minimis indirect cost rate provided for in section 200.414 of title 2, Code of Federal Regulations, or any successor regulations, to 15 percent for local entities receiving USAID assistance awards and to establish a similar de minimis indirect cost rate of 15 percent for acquisitions awarded under title 48 of the Code of Federal Regulations to local entities, and to increase this threshold further should subsequent Office of Management and Budget regulations recommend doing so. (b) Exemption for local entities The Administrator of USAID is authorized to exempt local entities, as needed, from the reporting requirements of the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6106 note