The Senate's Homeland Security and Governmental Affairs Committee (HSGAC) has passed a bill that aims to help U.S. small businesses pursue contracting opportunities with the federal government.
The Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions (PRICE) Act would task the Office of Management and Budget (OMB) to help federal procurement leaders make government contracting suitable for small businesses, HSGAC said Friday.
OMB will share best practices to update contracting processes in a way that supports small businesses.
The PRICE Act — introduced by Sens. Gary Peters, D-Mich., and Joni Ernst, R-Iowa — seeks to address the reluctance of some agencies towards the Small Business Administration’s programs.
“This commonsense legislation will give small business owners a fair shot to win federal contracts and grow their businesses," Peters said.
The legislation now awaits the House's approval.