Renegotiation Reform Act

[AI summary unavailable — showing source text] Renegotiation Reform Act - Excludes from the definition of the terms "contract" and "subcontract" under the Renegotiation Act of 1951 any lease financing transaction by a bank or a subsidiary of a bank holding company when such transaction is the functional equivalent of an extension of credit by the lessor. Amends such Act to limit the terms of office of members of the Renegotiation Board to five years. Sets the rate of compensation for the chairman of the Board at the rate of pay for level IV of the Executive Schedule and for the other members of the Board at the rate for level V of the Executive Schedules. Prohibits the use of the percentage-of-completion method of accounting for renegotiation contracts from which the Board finds excessive profits. Specifies other criteria to be used in such renegotiation. Eliminates the exemptions from the provisions of the Act currently afforded products of gas and oil wells and standard commercial services. Repeals provisions of the Act allowing any contractor or subcontractor subject to this Act to waive exemptions from the Act for standard commercial articles. Requires all such contractors and subcontractors to furnish complete cost and pri…