The odds are greater than ever that the world will see an attack using a biological or nuclear weapon in the next five years, according to the final report of a commission created by Congress to study the subject.

The report, set for official release Wednesday, contains a sharp critique of domestic and foreign policy, coupled with wide-ranging recommendations on controlling biological agents and containing nuclear proliferation. It also has many recommendations for Congress, including consolidating homeland security oversight and creating a new appropriations subcommittee.

“U.S. policy and strategy have made progress, but have not kept pace with the growing risks,” wrote the panel, formally known as the Commission on the Prevention of Weapons of Mass Destruction Proliferation and Terrorism. “The terrorists have been active too, and in our judgment America’s margin of safety is shrinking, not growing.”

Several of the commissioners have advised the Obama campaign or transition, and several recommendations square with Obama’s policy views. Among the panel members, Wendy Sherman is a national security “team leader” in Obama’s transition, and Richard Verma serves on his defense transition team.

The panel was created as part of a law implementing some recommendations of the National Commission on Terrorist Attacks Upon the United States, better known as the Sept. 11 commission. The nine-member bipartisan group was headed by former Sens. Bob Graham, D-Fla., (1987-2005) and James M. Talent, R-Mo. (2002-2007; House 1993-2001).

The report points out that 16 House committees and 15 Senate committees share jurisdiction over homeland security issues. It recommends empowering the Homeland Security panels in each chamber as the sole oversight committees for these issues. It also recommends a new Intelligence Appropriations Subcommittee to fund both national and military intelligence.

Congress ignored similar recommendations from the original 9-11 commission, which issued its report in mid-2004.