President Joe Biden on Feb. 22 signed into law a bipartisan bill cosponsored by U.S. Sen. Joni Ernst (R-IA) that aims to improve how America’s small businesses participate in the federal government procurement process.
“Iowa’s small businesses deserve the opportunity to compete and succeed,” Sen. Ernst said. “This bipartisan bill, now law, will ensure employers in our state, and across the country, get their fair shot in the federal contracting process.”
The Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions (PRICE) Act of 2021, S. 583, which Sen. Ernst introduced in March 2021 with bill sponsor U.S. Sen. Gary Peters (D-MI), will encourage government entities to adopt new and innovative practices; increase small business participation in government contracting; modernize the federal acquisition process; and report on how to improve mission outcomes and save taxpayer money, according to a bill summary provided by the lawmakers.
“Every small business in Michigan and across the nation should have an equal opportunity to help serve the American people,” said Sen. Peters. “That is why it is essential that these businesses — which are the foundation of our economy — have a fair opportunity to win federal contracts.”
The law is supported by numerous groups, including the Small Business Majority, the Association of Procurement Technical Assistance Centers, GovEvolve, the HUBZone Contractors National Council, and the Women Veterans Business Coalition, among others.