This bill tightens oversight of federal contracts awarded to women-owned small businesses by eliminating self-certification and requiring official verification from the Small Business Administration instead. Beginning October 1 of the fiscal year after new regulations are finalized, any contract counted toward federal women-owned small business goals must be awarded to companies formally certified by the SBA, though businesses that self-certified have one year from the bill's enactment to apply for official certification or lose their current status. The legislation also requires federal agencies that fail to meet women-owned small business contracting goals to submit reports to Congress and testify about their justifications and improvement plans. Additionally, the SBA must consult with other federal agencies and submit a report to Congress within one year identifying economic barriers facing women-owned small businesses, assessing impacts from inflation and supply chain disruptions, and recommending ways to improve their access to capital and federal contracting opportunities. The bill does not include direct funding allocations but mandates regulatory development within 180 days of enactment.
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