Congressional Oversight to Start Taxpayer Savings Resolution or the COST Savings Resolution

Requires each standing committee of the Senate (except the Committee on Appropriations) with jurisdiction, after the Government Accountability Office (GAO) reports annually to Congress on federal programs, agencies, offices, and initiatives with duplicative goals and activities, to conduct hearings on the report's recommendations for consolidation and elimination of the program, agency, office, or initiative.

Requires each standing committee of the Senate (except the Committee on Appropriations) with jurisdiction over any agency or program area on a High Risk List published by the GAO to conduct hearings on the vulnerabilities to fraud, waste, abuse, and mismanagement, or need for transformation, of the agency or program area.

Authorizes committees to hold joint hearings for any program, agency, office, initiative, or program area over which more than one standing committee has jurisdiction.