Increasing Transparency and Accountability in Federal Spending Act

This bill amends the 2006 Federal Funding Transparency Act to require federal contractors to report additional diversity data on their top executives. It mandates that contractors disclose the race, ethnicity, veteran status, and sex of their five highest-paid officers for all federal contracts and subcontracts. The Office of Management and Budget must update the public spending website within 180 days to include this new information for each fiscal year. This affects all federal contractors receiving awards over $25,000, increasing transparency around leadership diversity in government spending.