Obama Signs Bill Overhauling Weapons Acquisition Process
WASHINGTON -(Dow Jones)- U.S. President Barack Obama signed legislation into
law Friday overhauling the Pentagon's acquisition process, saying the measure
will help eliminate "unexcusable and unconscionable" waste.
"I reject the notion that we have to waste billions of taxpayer dollars to
keep this nation secure," Obama said at a White House bill-signing ceremony.
"When it comes to purchasing weapons systems and developing defense projects,
the choice we face is between investments that are designed to keep the American
people safe and those that are simply designed to make a defense company or a
contractor rich."
The Weapons Systems Acquisition Reform Act is aimed at addressing problems
caused by unrealistic cost and schedule estimates, as well as changes in the
middle of an acquisition program. According to the Government Accountability
Office, cost overruns on the Pentagon's 97 largest acquisition programs total
almost $300 billion over original estimates.
"It's finally time to end this waste and inefficiency," Obama said.
-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@
dowjones.com
(END) Dow Jones Newswires
05-22-091023ET
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