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Final Rule Issued That Requires Contractors to Report Annually Executive Compensation and First-Tier Subcontract Awards

On July 26, 2012, the Department of Defense, General Services Administration, and the National Aeronautics and Space Administration issued a final rule requiring federal prime contractors to provide annual reports to the Central Contractor Registration database concerning executive compensation and first-tier subcontract awards. The final rule also amends the Federal Acquisition Regulation (“FAR”) Subpart 4.14 to implement section 2 of the Federal Funding Accountability and Transparency Act of 2006 (“FFATA”). This amendment requires the Office of Management and Budget to create a free, publicly available website with information about all federal contract awards.

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