Flexibility and Oversight Act

Authorizes the Department of Veterans Affairs (VA) to transfer funds from one covered program to another covered program if: (1) such transfer will improve the quality of service provided by the VA to veterans, (2) the VA notifies Congress of the justification for such transfer, and (3) a period of 30 days has elapsed following the date of such notification. Defines "covered program" to mean the VA's Health Professional Scholarship Program, Employee Incentive Scholarship Program, and education debt reduction programs.

Requires the VA's annual report on its educational assistance programs to include, during the 10-year period beginning on March 1, 2016, an evaluation of the efficacy of the programs in increasing the quality of health care provided to veterans and opportunities for improvement.