Federal Procurement and Employment Impact Act

[AI summary unavailable — showing source text] Federal Procurement and Employment Impact Act - Requires each Federal agency to prepare an annual employment impact statement for its proposed procurement practices. Requires each statement to include: (1) unemployment rates in the areas where major work related to the procurement will occur; and (2) actions which will be required of contractors to employ severely disadvantaged individuals. Requires revisions in the impact statement if actual procurement deviates from that proposed at the beginning of a fiscal year. Directs the Secretary of Labor: (1) to provide Federal agencies with information concerning unemployment rates; and (2) to assist the agencies in implementing training programs and assistance to enable disadvantaged individuals to qualify for employment under agency procurement. Requires each Federal agency to publish its impact statement in its regular contract periodical publications. Exempts contracts related to activities designated by the President as foreign intelligence and counterintelligence activities from the requirements of this Act. Directs the Comptroller General to review and report to Congress on the implementation of this Act two years after its enactme…