Reverse auction among Emanuel's contracting reforms

July 21, 2011 9:22:36 AM PDT
Mayor Rahm Emanuel announced a series of reforms Thursday morning meant to ensure more fairness in the city's contracting process.

Among the new reforms is a reverse auction which will allow competitive bidding online. It's being described by some as "eBay in reverse," where vendors get more than one chance to bid on a city contract.

Emanuel says the new initiatives will provide greater tranparency and potentially save millions in tax payer dollars.