At an April 16, 2007 business meeting, the Committee on Oversight and Government Reform passed H.R. 5712, the Close the Contractor Fraud Loophole Act, by a voice vote. This bill requires that contractors report internal fraud and overbilling on contracts overseas and commerical item contracts, which had been excluded from a proposed fraud reporting requirement.

The Committee approved an amendment to the bill that would require OMB to finalize new rules within 180 days.