Federal Acquisition Reform Act

[AI summary unavailable — showing source text] Federal Acquisition Reform Act - Title I: Regulatory Guidance - Authorizes and directs the Administrator for Federal Procurement Policy (Administrator) to promulgate a single, simplified, uniform regulation implementing this Act and to establish procedures for assuring compliance with this Act within two years of its enactment. Authorizes and directs the Administrator to establish and oversee a program to reduce agency use of detailed product specifications. Requires the Office of Federal Procurement Policy, after consulting the Office of Personnel Management, to establish a code of conduct for contracting officers employed by executive agencies. Directs the Inspector General of each agency to: (1) investigate any allegations of code violations; (2) refer criminal violations to the Attorney General; and (3) refer other violations to the agency head. Requires each agency to report on such investigations to the OFPP which shall report to Congress. Title II: Acquisition by Competitive Sealed Bids - Sets criteria for use of the competitive sealed bid method of acquisition. Stipulates that the time prior to opening bids be sufficient to permit competition and that invitation for sealed …