President Biden has signed a bill that seeks to identify and eliminate potential conflicts of interest in federal contracting through business relationship disclosure requirements into law.
The Preventing Organizational Conflicts of Interest in Federal Acquisition Act mandates that federal contractors disclose existing and future partnerships with companies that may oppose ongoing services they provide the U.S. government, the Senate Committee on Homeland Security and Governmental Affairs said Tuesday.
Committee Chairman Sen. Gary Peters, D-Mich., is the lead author of the bill.
“This new law will ensure federal contractors are providing transparency about potential conflicts before they are awarded taxpayer dollars,” Peters noted.
The U.S. Senate passed the bipartisan legislation in August, four months after the measure was introduced by Peters and his fellow senators Chuck Grassley, R-Iowa, Magi Hassan, D- N.H., and Joni Ernst, R-Iowa.
