Renegotiation Reform Act

Summary

Renegotiation Reform Act - Extends the Renegotiation Act of 1951 through 1982. Limits the terms of office of members of the Renegotiation Board to five years. Sets the rate of compensation for the chairman of the Board at the rate of pay for level IV of the Executive Schedule and for the other members of the Board at the rate for level V of the Executive Schedule. Prohibits the use of the percentage-of-completion method of accounting for renegotiating contracts under which the Board finds excessive profits. Specifies other criteria to be used in such renegotiation. Eliminates the exemptions from the provisions of the Act currently afforded products of gas and oil wells and standard commercial services. Repeals provisions of the Act allowing any contractor or subcontractor subject to this Act to waive exemptions from the Act for standard commercial articles. Requires all such contractors and subcontractors to furnish complete cost and pricing data (which the Act requires to be kept confidential) on all articles subject to exemption under the Act. Requires the Board to conduct a study of such cost and pricing data and report to Congress on the profitability of such exempted item. Raises the minimum amount of contracts subject to renegotiation under the Act from $1,000,000 to $5,000,000 and of subcontracts subject to renegotiation from $25,000 to $50,000. Changes from criminal to civil fines imposed under the Act for failure to file information required by the Act. Increases the criminal penalties for filing misleading information under the Act. Declares the Chairman of the Board to be the Board's chief executive officer and confers in him direction of all executive functions of the Board. Grants the Board the power to issue subpoenas. Permits the Board to audit any financial statements submitted to it pursuant to the Act. Directs the Board to report annually to the Secretary of each Federal department with respect to the contractors or subcontractors who have received or accrued during the past fiscal year amounts under contracts with such department or subcontracts under contracts with such department.

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1 official file

• Introduced in Senate

  summary · EN · 24 May 1977

  Open at official source

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