Note: Single-source report; awaiting corroboration.
The Office of Management and Budget (OMB) has announced the release of proposed regulatory rules as part of the Revolutionary Federal Acquisition Regulation (FAR) Overhaul, described as the most significant update to the FAR in over four decades. According to OMB, the reforms aim to make federal contracting more efficient by enabling faster capability delivery, enhancing competition, and improving value for taxpayers.
The proposed changes affect 17 parts of the FAR, emphasizing simplification with plain language, alignment with statutory requirements, and the acceleration of procurement processes. Updates include replacing a five-page directive on written acquisition plans with a one-page tip sheet, and granting regulatory authority for oral acquisition plans when appropriate.
Another revision introduces a risk-based approach to audit coordination for settlement proposals exceeding $2 million, shifting from a uniform mandate. This aims to reduce time spent on lower-risk settlements and prioritize higher-risk cases to better protect taxpayer funds.
The proposal also creates a regulatory sunset process requiring comprehensive reviews of FAR rules, with public input, at intervals of no less than every four years to prevent unnecessary regulatory expansion.
The FAR Council plans to issue two more packages of proposed rules to further streamline procurement by replacing longstanding requirements with a system that is clearer, faster, and better aligned with mission needs. Additional resources and details on the overhaul are available at acquisition.gov/far-overhaul.