When Was Voluntary Affirmative Marketing Agreement Put into Effect

Voluntary Affirmative Marketing Agreement: When Was It Put into Effect?

The Voluntary Affirmative Marketing Agreement (VAMA) is a federal program that has been implemented to help ensure that minority and other historically underrepresented contractors and suppliers have access to equal opportunities in procurement. But when was it first put into effect?

The VAMA was established during the Reagan administration in 1984. The program was designed to encourage federal agencies to reach out to small businesses owned by minorities and women, as well as other underrepresented groups, when seeking suppliers or contractors for their projects.

Through the VAMA, federal agencies entered into voluntary agreements with minority-owned and other underrepresented businesses. These agreements outlined specific goals, such as increasing the number of contracts awarded to these businesses or increasing the amount of money spent on contracts with them.

The VAMA was seen as a step forward in addressing discrimination and systemic disadvantage in the procurement process. By actively seeking out and partnering with minority-owned and other underrepresented businesses, federal agencies were able to begin addressing the disparities that had previously limited these businesses` ability to compete on an equal footing.

The VAMA was updated in 1992 with the passage of the Small Business Reauthorization Act. This legislation encouraged federal agencies to set aside a portion of their procurement budget specifically for small businesses owned by socially and economically disadvantaged individuals.

Over the years, the VAMA has continued to evolve in response to changing social and economic circumstances. Today, it remains an important tool for helping to ensure that all businesses have equal opportunities to succeed in the federal contracting market.

In conclusion, the Voluntary Affirmative Marketing Agreement was put into effect in 1984 during the Reagan administration. Its purpose was to promote equal opportunities in procurement for minority-owned and other historically underrepresented businesses. The program has undergone revisions over the years to keep up with changing times and remains an important tool in promoting equity in government contracting.