Defense Contractor Profits Review Act

Defense Contractor Profits Review Act - States as a policy of the Congress that firms contracting with the Federal Government to provide goods and services for the national defense should receive a reasonable profit, and that such goods and services should be procured in an economical and effective manner. States as a purpose of this Act to provide the Federal Government with the information needed to determine the reasonableness of defense contractor profits.

Amends Federal defense procurement provisions to outline action to be taken by the head of a defense agency if it is determined that a defense contractor has made excessive profits. Requires such agency head to first give such defense contractor 45 days to respond before making a determination that such contractor made excessive profits. Requires any defense contractor covered under this Act, no later than 120 days after the end of such contractor's annual financial reporting period, to provide the Defense Contract Audit Agency (DCAA) with a profits information report. Requires such profits information report to include specified information and also to distinguish between such contractor's business with the Federal Government and such contractor's other business.

Requires the DCAA to review each such report in order to determine if any contractor has made excessive profits. States that the head of an agency and the DCAA shall have access to all information of a defense contractor that is required in order to make such determinations. Requires the confidentiality of any such information received. Authorizes review of such information by the Comptroller General, as well as access to any such information. Directs the head of an agency to require that compliance with such information disclosure provisions is a condition of each contract entered into between such agency and a defense contractor. Requires the head of the agency, at least once every three years, to conduct a study of profits made by defense contractors under contracts made with such agency, including a comparison of the profits made by such contractor from defense agencies as compared to profits made by such contractor from other businesses. Directs the head of the agency, no later than December 31 annually, to report to the President, the Congress, and the Comptroller General concerning any such profit studies. Directs the head of the agency to prescribe regulations to carry out this Act. Defines terms as used under this Act, and requires such regulations to be prescribed no later than 120 days after the enactment of this Act.