Federal SB4648 aims to enhance transparency regarding foreign influence on Department of Defense contractors.
Federal SB4648 seeks to improve transparency with respect to foreign influence on Department of Defense contractors. The bill mandates the Secretary of Defense to revise the Defense Federal Acquisition Regulation Supplement. Companies bidding for defense contracts must disclose information about their beneficial owners. Additionally, the bill lowers the threshold for reporting foreign ownership, control, or influence from $5 million to $500,000.
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