President Biden on Tuesday signed into law a bill that seeks to identify and promote best practices and modernize acquisition and procurement processes in the federal government.
Reps. Joe Neguse, D-Colo., and Maria Elvira Salazar, R-Fla., introduced the Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions Act in the House, the White House said Tuesday.
The PRICE ACT “is about spurring growth for our Main Street economies. It’s about supporting all entrepreneurs, minority-owned businesses, and startups, not just big business,” Neguse said in a statement published Wednesday.
The PRICE Act seeks to modernize the federal contracting process to expand access of small businesses to federal contracts and encourage government agencies to work and partner with such businesses.
“Small businesses are at the heart of the Second District, but far too often federal contracts are often out of reach for our small business owners. By expanding this access and incentivizing more federal contracts with small businesses, the PRICE Act will empower our small business owners to continue giving back to their community and hiring more workers,” Neguse added.
Sens. Gary Peters, D-Mich.; Joni Ernst, R-Iowa; Tom Carper, D-Del.; and Susan Collins, R-Maine, advanced the PRICE Act in the upper chamber.