Defense Contract Profit Policy Act of 1989

Summary

Defense Contract Profit Policy Act of 1989 - Amends Federal defense procurement provisions to require each covered defense contractor (a contractor which is awarded defense contracts, or which receives payments from the United States, in a total amount of at least $100,000,000 in any 12-month period) to submit annually a profits information report to an independent firm designated by the Secretary of Defense to receive such reports and annually transmit aggregate data to the Secretary. Defines a "profits information report" and outlines report requirements. Requires a covered defense contractor to have the information submitted to the independent firm verified for reliability and accuracy by the same independent certified public accountant who furnishes to the Securities and Exchange Commission an opinion on the contractor's fair presentation of its financial statement. Allows the Secretary to waive such reporting requirements if disclosure would be detrimental to the success of a classified project and injurious to national security. Provides for the confidentiality of all submitted information. Directs the Secretary to conduct and report to the Congress on an annual study of the financial situation and level of profitability of covered defense contractors under covered contracts.

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Timeline

1. 3 January 1989

   Introduced

   Referred to the House Committee on Armed Services.

   Source: IntroReferral

2. 3 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 1989

   Introduced

   Introduced in House

   Source: IntroReferral

4. 11 January 1989

   Committee

   Executive Comment Requested from DOD.

   Source: Committee

5. 14 February 1989

   Referred

   Referred to the Subcommittee on Investigations.

   Source: Committee

Votes

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Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 1989

  Open at official source

Sponsors

• Rep. Bennett, Charles E. [D-FL-3] · D · Sponsor
• · hsas00 · Standing

Related records

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