The Promoting Rigorous and Innovative Cost Efficiencies (PRICE) for Federal Procurement and Acquisitions Act was signed by President Biden on February 22^nd. The Act was introduced by Senators from Iowa and Michigan, who found that many agencies are reluctant to leverage the SBA small business contracting programs.

The act will require OMB to help federal acquisition administrators develop best practices for modernizing contracting procedures, thereby ensuring small business have a fair opportunity to win federal contracts. More participation of small businesses could allow for innovative practices to be recognized and adopted in order to improve mission outcomes.

The act establishes a new council to lead this initiative. The council has 45 days to create a report about the effectiveness of expanding opportunities for small businesses and whether or not these techniques are deemed valuable enough to transform the federal procurement process moving forward. We expect to see outcomes from this council in mid-April.