This bill requires the Department of Defense to improve transparency regarding foreign influence on companies seeking DoD contracts. Within two years of enactment, the Secretary of Defense must update federal acquisition rules to require all prospective defense contractors and subcontractors to disclose information about their beneficial owners, including those with foreign connections. The bill also strengthens an existing requirement to identify and mitigate risks from foreign ownership or control of defense contractors by lowering the financial threshold for review from contracts exceeding $5 million to those exceeding $500,000. These changes would affect any company bidding for DoD work and aim to ensure the federal government has better visibility into potential foreign influence on the defense industrial base.
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