Defense Industry Pricing Transparency Act

This proposed legislation aims to increase oversight of defense contract pricing by requiring offerors to report specific price increases for products or services under non-competitive contracts. It mandates that contractors notify the relevant contracting officer within 30 days if the price reaches or exceeds certain thresholds. These thresholds include a 25 percent increase over the original contract bid price, a 25 percent increase compared to the price paid by the government in the preceding calendar year, or a 50 percent increase over the price paid by the government within the last five years. Contracts awarded using non-competitive procedures are specifically covered by these requirements. Non-compliance with these reporting requirements will lead to the offeror's details and specific product information being entered into the Federal Awardee Performance and Integrity Information System (FAPIIS) by the Defense Contract Audit Agency or relevant acquisition executive, promoting greater accountability in defense spending.