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

Requires that profits on negotiated contracts of the Department of Defense be reasonable. Uses the same factors set forth in the Renegotiation Act of 1951 to determine when profits are excessive.

Directs the Comptroller General to examine each such contract in excess of $10,000,000 and to certify to Congress whether the amount of profit allowed is reasonable. Requires the Comptroller General to examine the contract again upon its completion and to certify to Congress whether the amount of profit actually paid was reasonable.

Directs the Comptroller General to report to Congress annually on the reasonableness of profits paid on such contracts during the preceding fiscal year.