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Financial Management: Profit Limitation Statutes

  Premium   Download PDF Now (8 pages)
Report Type Reports and Testimonies
Report Date April 2, 1980
Report No. 112014
Subject
Summary:

GAO presented its views with respect to the Vinson-Trammell Act and the need for profit limitation legislation. This act has been dormant for many years because of the Renegotiation Act, which was passed in 1951. However, when the Renegotiation Board was abolished, the act again became operative. While GAO believes the act is outdated, it believes the question of whether or not to replace it with a new statute is a matter of policy which the Congress should determine after consideration of the advantages and disadvantages; that a profit limitation statute that would become operative during a period of national emergency when contract activities increase significantly should be enacted; and that as a minimum, the secretaries of the various agencies be given the right to promulgate regulations that would limit profits in cases where sole-source contractors attempt to take unconscionable advantage of the situation.

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