The DAARE Act prohibits former U.S. military members from accepting employment involving training, consulting, advising, or instructing for governments of China, Russia, Iran, North Korea, Cuba, or Syria, or entities controlled by these governments. The bill applies to all retired or separated service members from active or reserve components of the armed forces. The Secretary of Defense can grant temporary waivers lasting up to five years if determined necessary for national security, and must notify Congress within 30 days of any waiver or revocation. Violations can result in loss of Department of Defense pay and benefits and revocation of security clearances, and individuals remain subject to federal prosecution. The bill requires annual reporting to Congress on former military members in covered positions starting March 31, 2024, with additional notifications if the Secretary determines any employment poses a national security threat.