Federal Procurement Efficiency and Supply Chain Accountability Act

To reduce government-driven cost pressures and improve fiscal discipline, this bill requires the Office of Management and Budget, in coordination with agency Inspectors General and the Government Accountability Office, to establish stricter audit standards for major federal procurement contracts and agency supply-chain practices, with priority review for high-cost, sole-source, and delayed contracts; requires annual public reporting on waste, duplicative purchasing, avoidable delays, and inflationary procurement risks; directs agencies to implement corrective action plans and competitive sourcing reforms where practicable; and conditions future procurement approvals for persistently noncompliant programs on certification that identified inefficiencies have been addressed, with the goal of lowering taxpayer costs and reducing avoidable inflationary pressure across federal operations.