(2) VICE CHAIRMAN.—The Vice Chairman of the Council shall be se-
lected by the Council from among its members. The Vice Chairman 
serves for one year and may serve multiple terms. 
(3) LEADER OF ACTIVITIES.—The Administrator shall lead the ac-
tivities of the Council on behalf of the Deputy Director for Manage-
ment. 
(4) SUPPORT.—The Administrator of General Services shall provide 
administrative and other support for the Council. 
§ 1312. Functions 
(a) PRINCIPAL FORUM.—The Chief Acquisition Officers Council is the 
principal interagency forum for monitoring and improving the Federal ac-
quisition system. 
(b) FUNCTIONS.—The Council shall perform functions that include the 
following: 
(1) Develop recommendations for the Director of the Office of Man-
agement and Budget on Federal acquisition policies and requirements. 
(2) Share experiences, ideas, best practices, and innovative ap-
proaches related to Federal acquisition. 
(3) Assist the Administrator in the identification, development, and 
coordination of multiagency projects and other innovative initiatives to 
improve Federal acquisition. 
(4) Promote effective business practices that ensure the timely deliv-
ery of best value products to the Federal Government and achieve ap-
propriate public policy objectives. 
(5) Further integrity, fairness, competition, openness, and efficiency 
in the Federal acquisition system. 
(6) Work with the Office of Personnel Management to assess and ad-
dress the hiring, training, and professional development needs of the 
Federal Government related to acquisition. 
(7) Work with the Administrator and the Federal Acquisition Regu-
latory Council to promote the business practices referred to in para-
graph (4) and other results of the functions carried out under this sub-
section. 
CHAPTER 15—COST ACCOUNTING STANDARDS 
Sec. 
1501.
Cost Accounting Standards Board. 
1502.
Cost accounting standards. 
1503.
Contract price adjustment. 
1504.
Effect on other standards and regulations. 
1505.
Examinations. 
1506.
Authorization of appropriations. 
§ 1501. Cost Accounting Standards Board 
(a) ORGANIZATION.—The Cost Accounting Standards Board is an inde-
pendent board in the Office of Federal Procurement Policy. 
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(b) MEMBERSHIP.— 
(1) NUMBER OF MEMBERS, CHAIRMAN, AND APPOINTMENT.—The 
Board consists of 5 members. One member is the Administrator, who 
serves as Chairman. The other 4 members, all of whom shall have expe-
rience in Federal Government contract cost accounting, are as follows: 
(A) 2 representatives of the Federal Government— 
(i) one of whom is a representative of the Department of 
Defense appointed by the Secretary of Defense; and 
(ii) one of whom is an officer or employee of the General 
Services Administration appointed by the Administrator of 
General Services. 
(B) 2 individuals from the private sector, each of whom is ap-
pointed by the Administrator, and— 
(i) one of whom is a representative of industry; and 
(ii) one of whom is particularly knowledgeable about cost 
accounting problems and systems. 
(2) TERM OF OFFICE.— 
(A) LENGTH OF TERM.—The term of office of each member, 
other than the Administrator, is 4 years. The terms are staggered, 
with the terms of 2 members expiring in the same year, the term 
of another member expiring the next year, and the term of the last 
member expiring the year after that. 
(B) INDIVIDUAL
REQUIRED
TO
REMAIN
WITH
APPOINTING 
AGENCY.—A member appointed under paragraph (1)(A) may not 
continue to serve after ceasing to be an officer or employee of the 
agency from which that member was appointed. 
(3) VACANCY.—A vacancy on the Board shall be filled in the same 
manner in which the original appointment was made. A member ap-
pointed to fill a vacancy serves for the remainder of the term for which 
that member’s predecessor was appointed. 
(c) SENIOR STAFF.—The Administrator, after consultation with the 
Board, may— 
(1) appoint an executive secretary and 2 additional staff members 
without regard to the provisions of title 5 governing appointments in 
the competitive service; and 
(2) pay those employees without regard to the provisions of chapter 
51 and subchapter III of chapter 53 of title 5 relating to classification 
and General Schedule pay rates, except that those employees may not 
receive pay in excess of the maximum rate of basic pay payable under 
section 5376 of title 5. 
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