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Federal Acquisition Regulation: Revolutionary Federal Acquisition Regulation Overhaul Parts 3 and 49
Plain English Summary
The Federal Acquisition Regulatory Council, which includes agencies like DoD and NASA, is planning to update the Federal Acquisition Regulation (FAR). This update aims to simplify federal procurement rules to reduce wasteful spending of taxpayer money. Specifically, they are proposing changes to parts 3 and 49 of the FAR. Insurance agents should stay informed about these changes as they may affect federal contracts and procurement processes.
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OFPP, DoD, GSA, and NASA (collectively referred to as the Federal Acquisition Regulatory Council or FAR Council) are proposing to amend the Federal Acquisition Regulation (FAR) to implement Executive Order (E.O.) 14275, Restoring Common Sense to Federal Procurement. The E.O. directs the elimination of excessive acquisition regulations to stop the inefficient use of American taxpayer dollars. The FAR Council is issuing twelve proposed rules that collectively will streamline the FAR in its entirety. This rule proposes revisions to FAR parts 3 and 49.