(a)
In general— The Director, in consultation with the Director of the Office of Management and Budget, shall prescribe a Stabilization Federal Acquisition Regulation. Such Regulation shall apply, under such circumstances as the Director prescribes, in lieu of the Federal Acquisition Regulation with respect to contracts intended for use in or with respect to stabilization and reconstruction emergencies or in imminent or potential stabilization and reconstruction operations.
(b)
Preference to certain contracts— It is the sense of Congress that the Stabilization Federal Acquisition Regulation required under subsection (a) should include provisions requiring a Federal agency to give a preference to contracts that appropriately, efficiently, and sustainably implement programs and projects undertaken in support of a stabilization and reconstruction operation.
(c)
Deadline— Not later than one year after the date of the enactment of this Act, the Director shall prescribe the Stabilization Federal Acquisition Regulation required under subsection (a). If the Director does not prescribe such Regulation by such time, the Director shall submit to Congress a statement explaining why the deadline was not met.