A bill to amend the Federal Property and Administrative Services Act of 1949 and other pertinent statutes of the United States Code in order to establish Federal policy concerning the selection of firms and individuals to perform accounting services for the Federal Government, and for other purposes.

Declares, under the Federal Property and Administrative Services Act, that it is the policy of the Federal Government to announce publicly all requirements for accounting services and to negotiate contracts for such services on the basis of demonstrated competence and qualification for the type of services required at fair and reasonable prices.

Sets forth regulations governing requests for data or accounting services. States that an agency shall negotiate a contract with the highest qualified firm for accounting services at compensation which the agency head determines is fair and reasonable to the Government.