Defense Industry Pricing Transparency Act
Defense Spending: Reporting Price Hikes for Military Gear
This bill was recently introduced and is currently being reviewed by the House Committee on Armed Services. It is in the early stages of the legislative process and is considered active. There are no upcoming votes or hearings scheduled at this time.
Legislative Progress
While many people want to cut government waste, this bill was just introduced by one member and has a long way to go before it could become law.
Key Points
- This bill requires companies that sell products or services to the military to report any major price increases. If a price jumps by 25 percent over the original bid or the previous year's price, the company must tell the government within 30 days.
- The rule specifically targets contracts that were not opened up for competition. These are often called sole-source contracts, where the government only buys from one specific company, making it harder to control costs.
- Companies must also report if a price is 50 percent higher than what the government paid at any point in the last five years. This helps officials track how much costs are rising over a longer period of time.
- If a company fails to report these price hikes, their name and the details of the expensive product will be listed in a public federal database. This list tracks the performance and honesty of companies that get government money.
- The goal is to stop the military from overpaying for equipment and services. By making price hikes public and mandatory to report, the bill aims to save taxpayer money and hold defense companies accountable.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Armed Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Defense Industry Pricing Transparency Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.