The FIT Procurement Act aims to modernize how federal agencies buy technology, addressing concerns that lengthy procurement cycles and outdated rules leave the government stuck with obsolete systems while the pool of available contractors shrinks. The bill requires the Federal Acquisition Institute to develop specialized training for the federal acquisition workforce on buying technologies like cloud computing, artificial intelligence, and cybersecurity tools, while also raising the percentage of contract fees directed to the Acquisition Workforce Training Fund from 5 to 7.5 percent. It raises the simplified acquisition threshold from $250,000 to $500,000, allowing agencies to use faster, less bureaucratic purchasing procedures for larger purchases, and updates rules to let agencies make advance payments for technology subscriptions and cloud services. The legislation also directs the creation of a working group and guidance to reduce barriers that keep small businesses and newer vendors from competing for federal contracts, and requires the Government Accountability Office to study small business participation in federal technology contracting. The bill explicitly states no new funding is authorized for these changes, meaning agencies must implement the reforms using existing budgets, with most requirements taking effect within 18 months to 2 years of enactment.
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