To amend the Small Business Act to ensure fairness and transparency in contracting with small business concerns.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fairness and Transparency in Contracting Act of 2011''.
SEC. 2. DEFINITIONS.
In this Act-- (1) the terms ``Administration'' and ``Administrator'' mean the Small Business Administration and the Administrator thereof, respectively; (2) the term ``parent company'', relating to a business concern, means a person other than an individual that owns not less than 51 percent of that business concern; (3) the terms ``small business concern'', ``small business concern owned and controlled by veterans'', ``small business concern owned and controlled by service-disabled veterans'', and ``small business concern owned and controlled by women'' have the meanings given those terms in section 3 of the Small Business Act (15 U.S.C. 632), as amended by this Act; and (4) the term ``small business concern owned and controlled by socially and economically disadvantaged individuals'' has the meaning given that term in section 8(d)(3)(C) of the Small Business Act (15 U.S.C. 637(d)(3)(C)).
SEC. 3. PURPOSE.
The purpose of this Act is to modify the definitions relating to whether a business concern qualifies as a small business concern to establish additional requirements that ensure that no publically traded business concern, subsidiary of a publically traded business concern, foreign-owned business concern, or subsidiary of a foreign-owned business concern is considered a small...