The BASIC Act prohibits special government employees (temporary consultants and advisors) from accepting federal contracts, grants, or cooperative agreements worth over $1 million annually from their employing agency, either directly or indirectly through family members or organizations where they have financial interests. The law applies to most special government employees except those serving only on advisory committees, those in lower-level positions (GS-10 or below), or students in designated positions. Within 60 days of enactment, federal agencies must update their contracting rules to enforce this prohibition, and the Office of Government Ethics must issue guidance. Additionally, the bill requires agencies to publicly disclose financial reports filed by special government employees and establish a searchable public database listing these employees' names, tenure length, and reasons for their special status.