STATUTORY AND REGULATORY REVIEW.

SEC. 1423. STATUTORY AND REGULATORY REVIEW.(a) Establishment.—Not later than 90 days after the date of the enactment of this Act, the Administrator for Federal Procurement Policy shall establish an advisory panel to review laws and regulations regarding the use of commercial practices, performance-based contracting, the performance of acquisition functions across agency lines of responsibility, and the use of Governmentwide contracts.(b) Membership.—The panel shall be composed of at least nine individuals who are recognized experts in acquisition law and Government acquisition policy. In making appointments to the panel, the Administrator shall—(1) consult with the Secretary of Defense, the Administrator of General Services, the Committees on Armed Services and Government Reform of the House of Representatives, and the Committees on Armed Services and Governmental Affairs of the Senate; and(2) ensure that the members of the panel reflect the diverse experiences in both the public and private sectors, including academia.(c) Duties.—The panel shall—(1) review all Federal acquisition laws and regulations, and, to the extent practicable, government-wide acquisition policies, with a view toward ensuring effective and appropriate use of commercial practices and performance-based contracting; and(2) make any recommendations for the modification of such laws, regulations, or policies that are considered necessary as a result of such review—(A) to protect the best interests of the Federal Government;(B) to ensure the continuing financial and ethical integrity of acquisitions by the Federal Government; and(C) to amend or eliminate any provisions in such laws, regulations, or policies that are unnecessary for the effective, efficient, and fair award and administration of contracts for the acquisition by the Federal Government of goods and services.(d) Report.—Not later than one year after the establishment of the panel, the panel shall submit to the Administrator and to the Committees on Armed Services and Government Reform of the House of Representatives and the Committees on Armed Services and Governmental Affairs of the Senate a report containing a detailed statement of the findings, conclusions, and recommendations of the panel.117 STAT. 1670