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®: CRE Regulatory Action of the Week
OMB Proposes Guidance to Federal Agencies on How to Implement Federal Funding Accountability and Transparency Act of 2006
On June 6, 2008, the U.S. Office of Federal Financial Management, in the Office of Management and Budget, proposed guidance to federal agencies on how to implement the Federal Funding Accountability and Transparency Act of 2006 (Pub. L. 109-282). The OMB guidance explains how Agencies can comply with the Act’s requirements for federal financial assistance applicants, recipients, and subrecipients. OMB summarizes the guidance as follows:
"An agency under the proposed guidance would require applicants
other than individuals, with some specific exceptions, to have Dun and
Bradstreet Data Universal Numbering System (DUNS) numbers and maintain
current registrations in the Central Contractor Registration (CCR)
database. The guidance also provides standard wording for an award term
that each agency would include in its financial assistance awards. The
award term would require recipients and subrecipients that are subject
to the policy to have DUNS numbers, maintain current CCR registrations,
and report subaward data that the implementation of the Transparency
Act requires. This proposed implementation of the requirement for
reporting of subawards under federal financial assistance awards
parallels the Federal Acquisition Regulation implementation of that
Transparency Act reporting requirement for subcontracts under federal
procurement contracts (72 FR 51306, September 6, 2007)."
OMB requests public comment on the proposed guidance by August 5, 2008.
Click here to read OMB’s Federal Register notice of the proposed guidance
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