India, April 17 -- President Donald Trump has announced a first-of-its-kind overhaul of Federal procurement policy in order to increase competition and efficiency while decreasing costs.
The Office of Federal Procurement Policy within the Office of Management and Budget will conduct a sweeping review and rewrite the Federal Acquisition Regulations.
As the world's largest buyer, the United States is spending almost $1 trillion annually on procurement contracts, but the procurement process benefits ineffective and entrenched vendors who can afford massive compliance costs at the expense of every other potential vendor, the White House said.
Led by OFPP, the FAR Council will rewrite the FAR in plain English, eliminate non-statutory and dupl...