Truthfulness, Responsibility, and Accountability in Contracting Act

Truthfulness, Responsibility, and Accountability in Contracting Act - Prohibits any Federal agency from making a decision to privatize, outsource, contract out, or contract for the performance of a function currently performed by the agency or to conduct a study to convert a function from Federal to contractor performance. Allows an agency to contract out a function not then performed by Federal employees if such function would be performed under contract by the blind or handicapped. Authorizes any agency to apply to the Director of the Office of Management and Budget for a waiver of such prohibition on specified grounds.

Requires each agency to establish a centralized system for reporting on its contracting efforts during the preceding and current fiscal years.

Requires any agency decision to privatize, outsource, or contract out for the performance of a function, after expiration of the prohibition enacted by this Act, to be based on the results of a public-private competition process meeting specified requirements.

Requires an agency either to conduct a new public-private competition or to convert a function to performance by Federal employees if a report indicates that: (1) contracting out costs exceed costs of performance by Federal employees; or (2) contracting out fails to meet quality control standards.

Directs the Secretary of Labor to survey and report to specified congressional committees on the wages and quantifiable benefits provided by contractors to non-Federal personnel working under contract.