Guaranteeing Real Accountability in Federal Transactions Act - Requires a government contractor that has reasonable grounds to believe it has violated a criminal law or received a significant overpayment in connection with the award or performance of a covered contract to notify the Office of Inspector General of the awarding executive agency within 14 days of becoming aware of the violation or overpayment. Provides for debarment or suspension for knowingly failing to notify.
Defines a "covered contract" as one for more than $1 million.
Requires reported violations and overpayments to be listed on the searchable website established and maintained under the Federal Funding Accountability and Transparency Act of 2006.
Requires the Director of the Office of Management and Budget (OMB) to report to Congress annually on such violations and overpayments.
Prohibits covered contractors from prohibiting or restricting persons from engaging in actions for which a protection against reprisal is provided under the Federal Property and Administrative Services Act of 1949. Makes provisions of a covered contract or a contract between a covered contractor and an employee performing work under such contract that limit or restrain an individual from engaging in such actions invalid and void.