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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 Actís 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 OMBís Federal Register notice of the proposed guidance