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AI Summary: This is a policy document: an Executive Order issued by the President to reform the Federal Acquisition Regulation (FAR). This regulation aims to comprehensively reform the Federal Acquisition Regulation, which currently spans over 2,000 pages and is considered excessively complex. The order directs the Administrator of the Office of Federal Public Procurement Policy, in coordination with the Federal Acquisition Regulatory Council, to amend the FAR within 180 days to ensure it contains only provisions required by statute or essential to sound procurement. Key provisions include requiring agencies to designate senior officials to help align with FAR reform, implementing a regulatory sunset provision that would cause non-statutory FAR provisions to expire after four years unless renewed, and promoting more streamlined and efficient government procurement processes. The order specifically calls for removing unnecessary regulations while maintaining the ability to protect economic and national security interests, with the ultimate goal of creating a more agile, effective, and efficient procurement system for the federal government.