Renegotiation Reform Act

Renegotiation Reform Act - Amends the Renegotiation Act of 1951 to limit the terms of office of members of the Renegotiation Board to five years. Sets the rate of compensation for the chairman of the Board at the rate of pay for level IV of the Executive Schedule and for the other members of the Board at the rate for level V of the Executive Schedules.

Prohibits the use of the percentage-of-completion method of accounting for renegotiating contracts under which the Board finds excessive profits. Specifies other criteria to be used in such renegotiation.

Eliminates the exemptions from the provisions of the Act currently afforded products of gas and oil wells and standard commercial services. Repeals provisions of the Act allowing any contractor or subcontractor subject to this Act to waive exemptions from the Act for standard commercial articles. Requires all such contractors and subcontractors to furnish complete cost and pricing data on all articles subject to exemption under the Act. Requires the Board to conduct a study of such cost and pricing data and report to Congress on the profitability of such exempted items.

Raises the minimum amount of contracts subject to renegotiation under the Act from $1,000,000 to $2,000,000 and of subcontracts subject to renegotiation form $25,000 to $50,000.

Changes from criminal to civil fines imposed under the Act for failure to file information required by the Act. Increases the criminal penalties for filing misleading information under the Act.

Declares the Chairman of the Board to be the Board's chief executive officer and confers in him direction of all executive functions of the Board. Grants the Board the power to issue subpoenas. Requires the Board to audit all financial statements submitted to it pursuant to the Act. Directs the Board to report annually to the Secretary of each Department with respect to the contractors or subcontractors who have received or accrued during the past fiscal year amounts under contracts with such Department or subcontracts under contracts with such Department. Requires the General Accounting Office to review the activities of the Board annually and to submit a report of its findings to Congress. Makes provisions for refunds owed to contractors and subcontractors.