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United States · Bill · HR

H.R. 3623 (96th)

Renegotiation Reform Act of 1979

referredUnited States· United States Congress· EN

Introduced

10 April 1979

Last action

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Status

Referred to House Committee on Banking, Finance and Urban Affairs.

Sponsors

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Subjects

Discovery layer

Source updated

2 September 2025

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Summary

Renegotiation Reform Act of 1979 - Amends the Renegotiation Act of 1951 to set forth a method for determining excess profits with respect to defense contracts. Requires defense contractors to: (1) file with the Secretary of the Treasury a report containing such information as the Secretary requires to determine whether such a contractor has received excess profits; (2) endeavor to reach agreement with the Secretary regarding the amount of excess profits received or accrued; (3) pay any excessive profits into the Treasury; (4) keep their books and manufacturing facilities open for audit and inspection by the Secretary; and (5) make no subcontract unless the subcontractor agrees with the above requirements.

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Documents

1 official file

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