Truthfulness, Responsibility, and Accountability in Contracting Act

(Sec. 5) Requires each agency to: (1) establish a centralized reporting system that allows it to generate periodic reports on its contracting efforts during the preceding and current fiscal years; and (2) generate and annually submit to the Director such reports. Requires each agency to report to specified congressional committees on the number of Federal employee positions and positions held by non-Federal employees under a contract between such agency and an individual or entity that has been subject to public-private competition. Requires such reports to be made available through the Internet.

(Sec. 6) Requires, after the termination of the contracting prohibition, any decision by an agency to privatize, outsource, or contract out for the performance of a function to be based on the results of a public-private competition process that: (1) formally compares the costs of Federal employee performance of such function with the costs of performance by a contractor; (2) employs the most efficient organizational process; and (3) is conducted in consultation or through bargaining with the exclusive representative of the Federal employees performing the function, if applicable.

(Sec. 7) Requires an agency to either conduct a new public-private competition or convert a function to performance by Federal employees if a report indicates that: (1) contracting out costs exceed costs of performance by Federal employees; or (2) contracting out fails to meet quality control standards.

(Sec. 8) Directs the Secretary of Labor to conduct a survey of the wages and quantifiable benefits provided by contractors to non-Federal personnel working under contract and to report survey results to specified congressional committees. Requires the Director to review the survey and report findings.

(Sec. 9) Requires the Comptroller General to report on compliance by Federal agencies with requirements of this Act.