Bill to Close Overseas Contracting Loophole Advances

At an April 16, 2007 business meeting, the Committee on Oversight and Government Reform passed H.R. 5712, the Close the Contractor Fraud Loophole Act, by a voice vote. This bill requires that contractors report internal fraud and overbilling on contracts overseas and commerical item contracts, which had been excluded from a proposed fraud reporting requirement.

The Committee approved an amendment to the bill that would require OMB to finalize new rules within 180 days.