President Signs Weapons Systems Acquisition Reform Act

President Obama signed the Weapons Systems Acquisition Reform Act today, an important step in procurement reform process. Senator Carl Levin (D-MI), Rep. Robert Andrews (D-NJ), and Rep. Ike Skelton (D-MO) were on hand for the bill signing this morning in the Rose Garden.

The bill will eliminate some of the waste and inefficiency in our defense projects – resulting in better protection for our nation and troops, while saving taxpayers billions of dollars.

Here’s an excerpt from the President’s speech:

The purpose of this law will be to limit cost overruns before they spiral out of control. It will strengthen oversight and accountability by appointing officials who will be charged with closely monitoring the weapons systems we're purchasing to ensure that costs are controlled. If the cost of certain defense projects continue to grow year after year, those projects will be closely reviewed, and if they don't provide the value we need, they will be terminated. This law will also enhance competition and end conflicts of interest in the weapons acquisitions process so that American taxpayers and the American military can get the best weapons at the lowest cost.

The Detroit Free Press reported:

With these changes, it is hoped government can contain huge growth in costs and expensive delays. Last month, the Government Accountability Office said cost overruns on 97 of the Defense Department’s largest acquisition programs were almost $300 billion over the original estimates, even though it has made cuts intended to restrain costs.

The Administration has also taken steps to reduce no-bid congrats and reform the Department of Defense’s budget.

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