President Biden has signed into law the Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions (PRICE) Act of 2021, which encourages the identification and promotion of best practices for acquisition techniques and procurement practices.
The PRICE Act of 2021, reintroduced by Sens. Gary Peters, D-Mich., and Joni Ernst, R-Iowa, landed on President Biden’s desk after winning final approval in the House on Feb. 7.
The legislation expands opportunities for small businesses to work with the Federal government. Federal contracts provide significant opportunities for small businesses, but some agencies are still reluctant to use contracting programs administered by the Small Business Administration. The measure, according to the senators, will tackle this issue.
“This legislation will ensure that those small business owners, in Michigan and across the nation, are given a fair opportunity to win Federal contracts and continue to grow their small businesses,” Sen. Peters said in a press release.
In addition to helping small businesses, the bill also directs the Management Directorate of the Department of Homeland Security (DHS) to compile and publish an annual report on successful projects that have used innovative procurement techniques to accomplish specified goals.
The DHS Management Directorate will also “develop and disseminate guidance and offer training for specified personnel concerning when and how to use such techniques, and share best practices across DHS and make available to other Federal agencies information to improve procurement methods and training.”