The Federal Acquisition Regulatory (FAR) Council wants to reinstate a requirement obligating covered federal contractors to report executive compensation and first-tier subcontract awards. The FAR Council is an interagency entity that coordinates federal government procurement policy and regulatory activities. In a notice published May 24, 2024, the FAR Council indicated that it will seek approval from the White House Office of Management and Budget (OMB) to reinstate the requirement for covered federal contractors to report executive compensation and first-tier subcontract awards to the Federal Funding Accountability and Transparency Act Subaward Reporting System (FSRS) at www.fsrs.gov. If OMB approves the information collection requirement (ICR), federal prime contractors will have to report first-tier subcontract information on subcontracts valued at or above $30,000—including the subcontract’s value and purpose, the subcontractor’s name, unique entity identifier (UEI), and address. Covered contractors also would have to report the total compensation of the first-tier subcontractor’s five most highly compensated executives if specified criteria are met.
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