A bill to improve transparency with respect to foreign influence on Department of Defense contractors.

(a) Defense contractors and subcontractors generally.— Not later than 2 years after the date of the enactment of this Act, the Secretary of Defense shall revise the Defense Federal Acquisition Regulation Supplement to require any company that is a prospective contractor or subcontractor of the Department of Defense to provide to the Federal Government as part of any bid or proposal for a contract the information specified under subsection (a) of section 2876 of the National Defense Authorization Act for Fiscal Year 2018 (10 U.S.C. 2661 note) for each beneficial owner (as that term is defined in subsection (d)(1) of such section) of such company.

(b) Mitigation of risks related to foreign ownership, control, or influence of defense industrial base contractors and subcontractors.— Section 847(a) of the National Defense Authorization Act for Fiscal Year 2020 (Public Law 116–92; 10 U.S.C. 4819 note) is amended—

(1) in paragraph (1), by inserting “, and shall include any person defined as a “beneficial owner” under section 2876(d)(1) of the National Defense Authorization Act for Fiscal Year 2018 (10 U.S.C. 2661 note)” before the period at the end; and

(2) in paragraph (3), by striking “in excess of $5,000,000” and inserting “in excess of $500,000”.