The Transparency in Contracting Act requires contractors to report significant price increases on noncompetitive federal government contracts to their contracting officer within 30 days of detecting a price spike. Specifically, contractors must report when a product or service price reaches 25 percent above the original contract bid price or what the government paid the previous year, or 50 percent above what was paid five years earlier. The bill affects defense contractors and suppliers on noncompetitive contracts and establishes consequences for noncompliance by requiring the Defense Contract Audit Agency to publicly report in a federal database any contractors who fail to disclose these price increases, along with details about the products or services involved. This legislation aims to increase transparency and prevent contractors from hiding significant cost increases on government contracts without accountability. The bill has no specified funding requirements and requires reporting within 30 days of a price increase being identified.
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