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 (OFPP) 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 OFPP, 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 bids be accessible to all interested bidde…