Federal Acquisition Reform Act (FARA) Renamed the Clinger-Cohen Act of 1996

Provides guidance to ensure a fair and open competitive process for contractor support. FARA gives contracting officers more discretion when making competitive range determinations and permits the use of Simplified Acquisition Procedures in the acquisition of commercial items up to $5 M. Also establishes the CIO government role and forms the interagency CIO's Council. Includes a pilot program for IT Share-in-Savings.