Fair Pricing with Cost Transparency Act of 2022

Fair Pricing with Cost Transparency Act of 2022 This bill revises requirements for government contractors to submit cost or pricing data and information supporting commercial product determinations. Specifically, in the event the contracting officer is unable to determine that proposed prices are fair and reasonable by any other means, an offeror who fails to make a good faith effort to comply with a reasonable request to submit data shall be ineligible for award unless the head of the contracting activity determines that it is in the best interest of the government to make the award based on specified factors. The senior procurement executive must submit an annual report to the Office of Federal Procurement Policy identifying offerors that have denied multiple requests for submission of uncertified cost or pricing data over the preceding three-year period but nevertheless received an award. The bill requires offerors of products proposed or determined to be commercial to identify the comparable commercial product that is used by the general public or nongovernmental entities and provide related information. Commercial product determinations must be periodically reviewed, at least every five years, to ensure that the initial decision was appropriate and that market conditions continue to support the designation. The Government Accountability Office must conduct a review of the prevalence and trends of contractors of executive agencies using distributors or other intermediaries as a means of avoiding legal or regulatory requirements.