Federal Acquisition Act

[AI summary unavailable — showing source text] Federal Acquisition Act - Declares the findings of Congress that present Federal purchasing laws have become outdated and contribute to waste in Federal spending. Declares it the policy of the United States that the acquisition of property and services by the Federal Government must encourage competition, innovation, and the application of new technology by allowing suppliers maximum latitude to exercise business judgements. Title I: Acquisition Methods and Regulatory Guidance - Requires any procuring agency to acquire services or property in accordance with the procedures set forth in this Act. Authorizes and directs the Administrator of the Office of Federal Procurement Policy to promulgate a single simplified uniform Federal regulation implementing the policies and procedures in this Act within two years after enactment of this Act. Requires the Administrator to determine whether agency implementation of this Act has been efficient and effective and to include such determination in his annual report. Title II: Acquisition by Competitive Sealed Bids - Requires the use of competitive sealed bids for purchasing property and services whenever: (1) the contract price exceeds $10,000;…