Us Congress House Bill HB5271

Us Congress 2023-2024 Regular Session

• Introduced: 8/25/23
• Refer: 8/25/23

Caption

To amend section 3702 of title 10, United States Code, to reduce the dollar threshold for requiring certified cost and pricing data, and for other purposes.

Impact

The adoption of HB 5271 is anticipated to significantly tighten the regulations governing how federal contracts are managed. As a result of this bill, numerous contracts that previously did not require detailed cost and pricing data will now be subjected to stricter scrutiny. This change is expected to lead to better monitoring of government expenditures, potentially resulting in cost savings and preventing waste through greater accountability. Furthermore, agencies will need to adapt their procurement practices to comply with the amended requirements.

Summary

House Bill 5271 proposes an amendment to section 3702 of title 10 of the United States Code, primarily focused on government contracts. It aims to lower the threshold for requiring certified cost and pricing data from $2,000,000 to $750,000. By doing so, the bill seeks to enhance oversight and accountability in federal procurement processes, particularly for contracts that exceed the new lower threshold. This change reflects a commitment to fiscal responsibility and transparency in government spending, especially in departments and agencies that handle substantial contracts.

Contention

While proponents argue that reducing the threshold will lead to enhanced transparency and better fiscal oversight, opponents may raise concerns about the increased administrative burden on agencies and contractors. Critics might contend that this amendment could deter small businesses from bidding on government contracts due to the additional requirements, thereby limiting competition and increasing costs. Debate surrounding the bill may focus on balancing the need for oversight with the importance of keeping government procurement processes accessible and efficient.