'Defense contractors have been exploiting loopholes in the law and raking in massive profits by price gouging the Pentagon and American taxpayers,' said SenWarren.
"$71 for a pin that should have cost less than a nickel and $80 for a drain pipe segment that should have cost $1.41."
Warren , chair of the Senate Armed Services Subcommittee on Personnel, and Rep. John Garamendi , ranking member of the House Armed Services Committee Subcommittee on Readiness, first unveiled thelast year. Sen. Mike Braun joined with them to reintroduce the bill. "Defense contractors have been exploiting loopholes in the law and raking in massive profits by price gouging the Pentagon and American taxpayers," Warren said Wednesday. "My bipartisan bill with Sen. Braun and Rep. Garamendi would close these loopholes and ensure that DOD has the necessary tools to prevent these abuses."
In additon to addressing issues with existing law and ensuring DOD has the "information necessary to prevent future rip-offs," the bill aims to financially incentivize contractors to improve performance, a fact sheet from Warren's officeAs the document details, the legislation would reduce advanced payments for companies to 50% but allow them to receive up to 95%, rewarding them for:Not having major outstanding corrective action requests;Timely responses to requests to provide...
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