Contractor employees supporting acquisition offices may soon be required to disclose their financial investments, personal relationships and other involvements that could constitute a “personal conflict of interest.”
The proposed rule, which was published in the Federal Register Friday, would only apply to contractor employees who support or advise the government in planning acquisitions, determining supplies and services to purchase, developing and approving contract documents, evaluating contract proposals, awarding contracts, administering contracts, terminating contracts and determining if costs are fair and reasonable.
Contractors must obtain assurances from employees in these roles that they don’t have financial interests that would bias their acquisition support duties. Some examples of personal conflicts of interest include:
- Having financial investments, such as stocks and bonds, in companies that do business with the office the contractor is supporting.
- Having family members employed by companies that do business with the office the contractor is supporting.
- Seeking employment opportunities with or holding a second job with a company that does business with the office the contractor is supporting.
The new rule would affect 250,000 contractor employees at 10,000 firms. It would also apply to subcontracts worth more than $100,000. Comments on the proposal will be accepted until Jan. 12.