The provisions of the Investing in VETS Act (VETS being short for Veteran Entrepreneurial Talents), sponsored by U.S. Senator Jon Ossoff of Georgia, have been signed into law. Rather than being passed separately, the provisions of the bill were included in and passed as part of the Fiscal Year 2024 National Defense Authorization Act (NDAA).
The bill as it was introduced requires the federal government to award at least 5 percent of its contracting dollars to service-disabled veteran-owned small businesses (SDVOSBs). The old requirement, which has now been replaced, specified a requirement of 3 percent for the same purpose. The NDAA also passed into law provisions establishing a phase-out of self-certification for SDVOSBs; to be counted towards the goal, an SDVOSB must be certified by the Small Business Administration (SBA).
"I wrote and passed [this] Act to give veteran owned small businesses a seat at the table in federal contracting," said Senator Ossoff in an press release relating to the original Act passing the Senate.
Read a press release from Senator Ossoff on introduction of the original bill at https://www.ossoff.senate.gov/press-releases/sen-ossoff-introduces-bipartisan-bill-to-support-small-businesses-owned-by-service-disabled-veterans/
Read a press release from Senator Ossoff on the occasion of the original bill passing the Senate at https://www.ossoff.senate.gov/press-releases/sen-ossoffs-bipartisan-bill-to-support-small-businesses-owned-by-combat-disabled-veterans-passes-u-s-senate/.
Read the 2024 NDAA at https://www.congress.gov/bill/118th-congress/senate-bill/2226.
Read the Investing in VETS Act as it was originally introduced at https://www.congress.gov/bill/118th-congress/senate-bill/2146.
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