The legislation would create a simple means of holding accountable those who bill the American taxpayer. ‘Contractor Accountability Act’ Working Its Way Through HouseBy Cliff Montgomery – Mar. 12th, 2008Though it lacks the necessary call girl to merit the attention of the corporate press, a certain bill now running through Congress deserves special attention.Legislation from Rep. Christopher Murphy (D-CT) would counter the many acts of government contractor fraud which has occurred over the last several years.Murphy’s bill would “require certain large government contractors that receive more than 80 percent of their annual gross revenue from Federal contracts to disclose the names and salaries of their most highly compensated officers.”In short, the legislation would provide a simple means of holding accountable those who bill the American taxpayer.Rep. Murphy hardly is a household name. He was one of those Democrats who took part in that party’s 2006 takeover of both chambers of Congress. But household name or no, his Government Contractor Accountability Act of 2007 is a noble, reasonable cause with seventeen House co-sponsors.Though it’s interesting to note that only one co-sponsor, Rep. John Duncan (R-TN), is a Republican. We call on more GOP lawmakers to support this bill as it moves through Congress, as it can only help the American people keep better track of their taxpayer dollars.On Mar. 11th, the House Subcommittee on Government Management, Organization, and Procurement voted to forward the bill to the full House Oversight and Government Reform Committee for further consideration.The legislation now will be investigated, deliberated, and revised before moving on to general debate before the full House–that is, if it ever makes it out of the committee in one form or another.The Congressional Research Service has released a summary of this much-needed legislation. We quote the entire summary below for our readers:Government Contractor Accountability Act of 2007 -Directs federal government contracting officers to require covered contractors to submit for each contract entered:(1) a certification that the contractor received 80% or less of its annual gross revenues from other federal contracts; or(2) a statement disclosing the names and salaries of the contractor’s principal executive officer, principal financial officer, three most highly compensated other executive officers or individuals, and directors.Directs contracting officers to require contractors to update such statements annually. Requires such certifications and statements to be made publicly available in searchable form through the Federal Procurement Data System.Defines a “covered contractor” to mean an individual or entity that:(1) received more than $5,000,000 in annual gross revenues from federal contracts for the preceding fiscal year; and(2) is not a publicly traded company required to file periodic reports under the Securities Exchange Act of 1934.Requires the Administrator of General Services to promulgate regulations to carry out this Act.Like what you’re reading so far? Then why not order a full year (52 issues) of thee-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now!
How Necessary Laws Are Killed These Days
Lawmakers generally only fight to protect the things they care about – and all too often, that just doesn’t include the lives of most of their constituents.
