Federal Contract Fair Price Commission Act of 1985

Summary

Federal Contract Fair Price Commission Act of 1985 - Establishes as an independent agency in the executive branch the Federal Contract Fair Price Commission to review contract payments by Federal agencies and departments and to take appropriate action to recapture excessive profits. Subjects contractors that received in excess of $5,000,000 to provisions of this Act. Requires such contractors to file annual financial statements with the Defense Contract Audit Agency. Directs the Agency to review the financial statements to make an interim determination on whether such contractors received excessive profits. Requires the Agency to submit results of such reviews to the Commission. Sets forth proceedings for the recapture of excessive profits by the Commission. Subjects final orders of the Commission to review by the U.S. Claims Court. Requires the Commission to report annually to the Congress on its activities. Authorizes appropriations. Terminates the authority conferred by this Act on October 1, 1990.

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1 official file

• Introduced in Senate

  summary · EN · 1 August 1985

  Open at official source

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