Small Business Contracting Transparency Act of 2024

Bill 118 s 3971, also known as the Small Business Contracting Transparency Act of 2024, aims to increase transparency and accountability in government contracting with small businesses. The bill requires federal agencies to report on the extent to which they are meeting their small business contracting goals, including the percentage of contracts awarded to small businesses and the amount of money spent on these contracts.

Additionally, the bill requires agencies to provide detailed information on the types of small businesses that are receiving contracts, such as women-owned, minority-owned, and veteran-owned businesses. This information will help to ensure that small businesses from all backgrounds have equal access to government contracting opportunities.

Furthermore, the bill includes provisions to improve the accuracy and reliability of data on small business contracting, such as requiring agencies to regularly update their contracting databases and conduct audits to verify the accuracy of the information reported. Overall, the Small Business Contracting Transparency Act of 2024 aims to promote fairness and accountability in government contracting with small businesses, ultimately helping to support and grow the small business sector in the United States.