Value Over Cost Act

Bill 118 hr 9596, also known as the Value Over Cost Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to prioritize the value of goods and services over their cost when making procurement decisions for federal agencies.

The Value Over Cost Act aims to ensure that federal agencies are not solely focused on finding the cheapest option when purchasing goods and services. Instead, the bill encourages agencies to consider factors such as quality, performance, and long-term benefits when making procurement decisions.

The bill includes provisions that require federal agencies to conduct cost-benefit analyses for procurement decisions, taking into account the overall value that a particular product or service will provide. This analysis will help agencies determine the best value for taxpayer dollars and ensure that they are making informed and responsible purchasing decisions. Additionally, the Value Over Cost Act promotes transparency and accountability in federal procurement by requiring agencies to publicly disclose their procurement decisions and the rationale behind them. This will help ensure that taxpayer dollars are being spent wisely and that federal agencies are held accountable for their purchasing choices. Overall, the Value Over Cost Act is aimed at improving the efficiency and effectiveness of federal procurement processes by prioritizing value over cost. By encouraging agencies to consider a broader range of factors when making purchasing decisions, the bill seeks to ensure that the government is getting the best possible value for taxpayer dollars.