Small Business Contracting Transparency Act of 2023

Small Business Contracting Transparency Act of 2023

This bill requires the Small Business Administration to report additional information related to (1) small businesses owned and controlled by women, (2) qualified HUBZone small businesses, and (3) small businesses owned and controlled by service-disabled veterans.

Bill 118 HR 4670, also known as the Small Business Contracting Transparency Act of 2023, aims to increase transparency and accountability in federal contracting practices involving small businesses. The bill seeks to address concerns about the lack of visibility and oversight in the awarding of contracts to small businesses by federal agencies.

One key provision of the bill is the requirement for federal agencies to report on the utilization of small businesses in their contracting activities. This includes information on the number and value of contracts awarded to small businesses, as well as the percentage of total contract dollars going to small businesses. By mandating this reporting, the bill aims to ensure that federal agencies are meeting their goals for contracting with small businesses and to identify any disparities or areas for improvement.

Additionally, the bill includes measures to improve the accuracy and reliability of data on small business contracting. This includes requirements for federal agencies to verify the small business status of contractors and to maintain accurate records of contract awards. By enhancing data quality, the bill aims to prevent fraud and abuse in the contracting process and to ensure that small businesses are receiving the opportunities they deserve. Overall, the Small Business Contracting Transparency Act of 2023 seeks to promote fairness and accountability in federal contracting practices involving small businesses. By increasing transparency and improving data quality, the bill aims to strengthen the role of small businesses in the federal marketplace and to support their growth and success.