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Acquisition Alert: The PRICE Act of 2021
May 31, 2022
Shortening the Long Pole of the Acquisition Tent
The Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions Act of 2021 (PRICE Act of 2021) was signed by President Biden on 02/22/2022.
The PRICE Act intends to improve acquisitions across the Federal Government by leveraging multiple innovations developed and implemented within the Department of Homeland Security’s (DHS) Procurement Innovations Lab (PIL). In March of 2015, the PIL initiative was created to experiment with innovative techniques for increasing efficiencies in the procurement process and institutionalizing best practices. The PRICE Act of 2021 requires a PIL Report to detail DHS’s successful use of innovative acquisition techniques and establish a Council or Working Group to examine procurement innovation best practices for adoption across the Federal Government.
Author: Brian Kreidler, WBD Principal