US HB7534

Establishes a governmentwide goal of at least 5% of the total value of all prime contract and subcontract awards to go to small business concerns owned and controlled by veterans each fiscal year

Authorizes contracting officers to award sole source contracts to veteran-owned small businesses without competitive procedures when the business is a responsible source and the contract offers fair value to the United States

Requires contracting officers to restrict competition to veteran-owned small businesses when at least two such businesses are expected to submit offers at fair and reasonable prices

Adds veteran-owned small businesses to federal procurement reporting requirements, including tracking of awards through sole source contracts, restricted competitions, unrestricted competition, and "best in class" designations

Requires veteran-owned businesses and their owners to be listed in the existing small business database to be eligible for contracts under this program