A bill to require certain agencies to procure supplies or services from local commercial sources instead of from a multiple-award schedule of the Federal Supply Schedule under certain circumstances; to require the Administrator of General Services to remove contractors from multiple-award schedules under certain circumstances; and to increase the maximum amount of small purchases which may be made by such executive agencies from sums in an imprest fund for one transaction.

Requires an executive agency to which the Federal Property and Administrative Services Act of 1949 applies to determine before procuring supplies or services from a multiple-award schedule of the Federal Supply Schedule whether the supplies or services are available from a local private commercial source. Requires the agency to purchase the commercial product if the product is of the same quality as the product available under a multiple-award schedule and has the same or lower price.

Directs the Administrator of General Services to report to Congress on actions taken, including promulgation of regulations, to carry out the above requirements.

Prohibits a contractor from being awarded a contract (unless there are extraordinary or extenuating circumstances) during the two-year period beginning on the date on which the latest multiple-award schedule contract with such contractor terminates, if there are no purchases of supplies or services from such contractor under a multiple-award schedule contract during any three-year period.

Prohibits an executive agency from using sums in any imprest fund to make small purchases in an amount (subject to increase or decrease according to the Producer Price Increase) exceeding, for one transaction: (1) $500; or (2) under emergency conditions, $650.