A bill to give a preference in the awarding of Government contracts to contractors located within areas of high employment.

Sets forth the finding of the Congress that specified American communities are experiencing unemployment rates which are far above the national average.

Makes it the purpose of this Act to establish a Federal policy with respect to the procurement of goods and services in order to provide an incentive to bidders for such procurement contracts which are located in areas of relatively higher levels of unemployment.

Sets standards for the awarding of contracts in order to achieve the purposes of this Act.

Defines terms used in this Act.

Requires the Director of the Office of Management and Budget and the Comptroller General to each prepare an annual report on the extent of compliance with the provisions of this Act for submission to the President and to the Congress.