This bill establishes a prohibition against special Government employees entering into or benefiting from any contract or agreement with the Federal Government. Its primary purpose is to eliminate potential conflicts of interest and ensure ethical conduct within government operations. A key provision mandates the termination of all existing contracts or agreements held by special Government employees on the date the Act becomes law. The legislation defines "special Government employee" by referencing section 202 of title 18, United States Code, providing a clear scope for its application.