Corrective Action Report Oversight and Accountability Act

This bill amends the Small Business Act to standardize how federal agencies report on small business procurement goals. It requires agencies to include specific, detailed metrics in their reports, such as the percentage and value of contracts awarded to different small business types, the number of new small businesses winning contracts, and the number of first-time awards. Agencies must also add a discussion of actions taken to meet goals and analyze past practices' effectiveness. The bill directly affects federal agencies that award procurement contracts and aims to improve transparency in small business contracting data. It does not create new funding but requires agencies to use existing resources for these enhanced reports.