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

This bill requires defense contractors and subcontractors to disclose information about their beneficial owners when bidding for Department of Defense contracts. It updates existing regulations to ensure that any individual with significant ownership in a bidding company is identified for government review. Additionally, the bill lowers the financial threshold for reporting foreign influence risks from $5 million to $500,000, expanding the scope of companies subject to scrutiny. These changes aim to increase transparency regarding foreign ownership within the defense industrial base without altering the underlying acquisition process.