PRICE Act of 2021 (S. 583)

Summary

Aims to make government buying more efficient and innovative by studying and sharing best practices, with a focus on helping small businesses.

What problem does this solve?

The federal government is slow to adopt modern and efficient ways of buying goods and services, which can waste money and time. This law requires government agencies to study, share, and use new and better purchasing methods to improve efficiency and save costs.

What does this law do?

Establishes a council to study acquisition innovation

Creates the Chief Acquisition Officers Council to examine and report on the best innovative purchasing practices across the federal government, especially for helping small businesses.

Requires public reports on procurement innovation

The Department of Homeland Security must publish annual reports on its Procurement Innovation Lab projects, detailing successes in improving competition, reducing award times, and saving costs.

Promotes sharing of best practices

Requires the Administrator for Federal Procurement Policy and the Department of Homeland Security to share findings and best practices with other federal agencies to improve procurement methods.

Mandates training on innovative procurement

The Department of Homeland Security must develop and offer training for its contracting officers and other staff on how and when to use innovative purchasing techniques.

Who does this affect?

Small businesses
Federal government agencies
Government contractors

What is the real world impact?

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Spreads successful cost-saving ideas across the government

Requires the Department of Homeland Security's successful Procurement Innovation Lab to share its methods. It also creates a council to find and promote the best purchasing practices from all federal agencies.

When does this start?

This law sets multiple deadlines for establishing a council and submitting reports.

Council convening deadline

The Chief Acquisition Officers Council must be convened within 45 days of the law's enactment to begin examining best practices.

First council meeting

The Council must hold its first meeting no later than 90 days after the law is enacted.

Council report submission

The Council must submit a report on its findings and recommendations to congressional committees within one year of the law's enactment.

Congressional briefing on report

The Administrator must brief Congress on how the report's findings have been shared within 18 months of the law's enactment.

Sunset of DHS reporting requirement

The requirement for the Department of Homeland Security to publish annual reports on its Procurement Innovation Lab will end 3 years after the law is enacted.