The Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions Act of 2021 (PRICE), aims to increase small businesses’ involvement in contracting. PRICE would encourage agencies to embrace new practices, modernize procedures, and achieve cost savings.

This bill directs the Management Directorate of the Department of Homeland Security (DHS) to publish an annual report on the DHS website on projects that have used innovative procurement techniques within DHS to accomplish specific goals.

The Management Directorate will have to develop and disseminate guidance and offer training for personnel concerning when and how to use such techniques, and also share best practices across DHS and make available to other federal agencies information to improve procurement methods and training, according to the Library of Congress.

Some agencies have been hesitant to utilize the Small Business Administration’s contracting programs, hurting small businesses in particular, according to FedScoop.

Lawmakers are urging President Biden to sign the bill into law, two months after his administration announced a set of reforms to the federal procurement process, intending to increase the share of federal contracts to small disadvantaged businesses. The target goal is to increase the number of federal contracts to small disadvantaged businesses to 50 percent by 2025.

“Small businesses make up the foundation of our economy, and additional hurdles during the federal contracting process can hinder their growth,” Sen. Gary Peters, D-Michigan said.

Many groups have announced their support for the legislation including the Small Business Majority, Association of Procurement Technical Assistance Centers, GovEvolve, HUBZone Contractors National Council, Women Veterans Business Coalition, and the Montgomery Country Chamber of Commerce.