Senate-passed bill looks to modernize federal contracting, expand small business opportunities

The Senate passed bipartisan legislation on Thursday designed to modernize the federal acquisition process while expanding governmentwide contracting opportunities for small businesses by encouraging the implementation of innovative new systems and procedures. The legislation passed under a unanimous consent agreement.

The bipartisan group of senators who sponsored the Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions (PRICE) Act, celebrated the bill as “commonsense legislation” that “will give small business owners a fair shot to win federal contracts and grow their businesses” in statements on Friday after the Homeland Security and Governmental Affairs Committee voted unanimously to approve the bill.

The PRICE Act seeks to address long-standing challenges that small businesses — particularly those owned by women, minorities and veterans — face while attempting to secure contract opportunities with the federal government, in part by mandating the Office of Management and Budget to share innovative best practices with federal acquisition administrators.

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