Which act establishes the framework for federal acquisition?

The Federal Acquisition Streamlining Act (FASA) is the correct answer because it was specifically designed to improve and modernize the way the federal government acquires goods and services. Enacted in 1994, FASA aimed to simplify the procurement process, making it more efficient and reducing administrative burdens. The act promotes the use of commercial products and sets forth guidelines to ensure that the federal acquisition system operates effectively, incorporating best practices from the private sector.

In contrast, the other options do not primarily focus on federal acquisition processes. The Sarbanes-Oxley Act deals with corporate governance and financial practices, particularly regarding the accuracy of financial reporting. The Federal Spending Accountability Act addresses transparency in federal spending but is not a framework for acquisition. The Budget Control Act relates to federal budgetary processes and deficit reduction, rather than procurement practices. Thus, FASA uniquely establishes the essential framework for securing goods and services in federal acquisitions.