Bill > HR6648

This bill, titled the "Federal Acquisition Improvement and Reform Vets Act" or "FAIR Vets Act," amends the Small Business Act to increase the financial thresholds for government contracts that can be awarded on a sole-source basis to service-disabled veteran-owned small business concerns. Specifically, it raises the maximum contract value from $7 million to $10 million for acquisitions for goods and from $3 million to $8 million for acquisitions for services. These changes aim to provide greater opportunities for these businesses by allowing them to compete for larger contracts without full competition. The Federal Acquisition Regulatory Council and the Secretary of Defense are required to update relevant regulations, such as the Federal Acquisition Regulation (FAR) and the Defense Federal Acquisition Regulation Supplement (DFARS), within 180 days of the bill's enactment, and these new thresholds will apply to solicitations issued after that 180-day period.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6648/all-info