The PRICE Act, if passed, would boost small businesses’ chances for federal contracts.
The “Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions” (PRICE) Act is a bipartisan piece of legislation that was introduced by Senators Gary Peters, a Democrat from Michigan, and Joni Ernst, a Republican from Iowa. On July 29th, the bill was passed by the Senate via unanimous consent after receiving approval from the Homeland Security and Government Affairs committee. The House of Representatives will need to pass the measure next before it arrives on the President’s desk for either his approval or veto.
Helping Small Businesses
The aim of the PRICE Act is to tackle the issues that stem from several agencies’ reluctance to utilize programs offered by the Small Business Administration (SBA), and thus strengthen small business participation in the federal contracting process- noted as a critical component in building a “strong industrial base” in the US.
If passed into law, OMB would be responsible for helping contract procurement leaders at federal agencies in developing contracting procedures that are “more suitable” for small businesses. After conducting studies around the issue, OMB would offer guidance on how agencies can improve their contracting processes in a way that increases small business participation, and in turn offers opportunities for those businesses to grow.
Until Next Time,
**Written by Benjamin Derge, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.