A bill to amend title 10, United States Code, to provide for improved control of excess profits on negotiated defense contracts.

Amends Federal defense procurement provisions to require profits on negotiated contracts of the Department of Defense (DOD) to be reasonable, as determined under standards prescribed under the Renegotiation Act of 1951.

Directs the Comptroller General to examine each negotiated defense contract in excess of $10,000,000 and certify to the Congress whether the profit allowed under the contract is reasonable. Requires the Comptroller General to again examine and certify the reasonableness of profit after the contract is actually paid. Directs the Comptroller General, no later than March 31 of each year, to report to the Congress on the reasonableness of profits paid on negotiated defense contracts during the preceding fiscal year, requiring certain specified information to be contained in each such report. Makes these provisions applicable to contracts entered into after the 180-day period beginning on the date of enactment of this Act.