(a) The Secretary and the Secretary of the Treasury, as applicable, shall periodically evaluate the implementation of a program under a section 1332 waiver consistent with guidance published by the Secretary and the Secretary of the Treasury, as applicable, and any terms and conditions governing the section 1332 waiver.
(b) Each periodic evaluation must include a review of the annual report or reports submitted by the State in accordance with Sec. 155.1324 that relate to the period of time covered by the evaluation.