Increasing Transparency and Accountability in Federal Spending Act

S 5507, the Increasing Transparency and Accountability in Federal Spending Act, requires federal contractors to disclose the race, ethnicity, veteran status, and sex of their five highest-paid officers. It also mandates that contractors report the dollar amounts of all subcontracts and subgrants awarded under federal contracts. The bill updates the federal spending transparency website (USASpending.gov) to include this new data annually, starting after enactment. The Office of Management and Budget must implement these changes within 180 days of the bill's passage.