H.R. 3928, The Government Contractor Accountability Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 3928 would require certain large government contractors that receive more than 80 percent of their annual gross revenue from Federal contracts to disclose the names and salaries of their most highly compensated officers.

Detailed Summary

Government Contractor Accountability Act of 2007 - Directs federal government contracting officers to require covered contractors to submit for each contract entered: (1) a certification that the contractor received 80% or less of its annual gross revenues from other federal contracts; or (2) a statement disclosing the names and salaries of the contractor's principal executive officer, principal financial officer, three most highly compensated other executive officers or individuals, and directors. Directs contracting officers to require contractors to update such statements annually. Requires such certifications and statements to be made publicly available in searchable form through the Federal Procurement Data System.

Defines a "covered contractor" to mean an individual or entity that: (1) received more than $5,000,000 in annual gross revenues from federal contracts for the preceding fiscal year; and (2) is not a publicly traded company required to file periodic reports under the Securities Exchange Act of 1934.

Requires the Administrator of General Services to promulgate regulations to carry out this Act.

Status of the Legislation

Latest Major Action: 4/23/2008: Passed/agreed to in House. Status: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

Points in Favor

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Points Against

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