Federal Acquisition Reform Act

The Federal Acquisition Reform Act, enacted in 1996, is legislation aimed at modernizing and improving how the U.S. government purchases goods and services. It promotes more efficient, flexible, and cost-effective procurement processes by reducing unnecessary bureaucracy, encouraging competition, and empowering contracting professionals. The law seeks to ensure government acquisitions are less complex, more transparent, and better able to meet the needs of agencies and taxpayers while fostering innovation and accountability in federal purchasing.