This bill directs the Federal Acquisition Regulatory Council to issue regulations requiring all federal contractors to conduct a comprehensive review of their job classifications. Contractors must identify any positions within their federal contract-related workforce that mandate a bachelor's degree or higher and assess whether these educational requirements are demonstrably necessary for performing essential job functions. Following this review, contractors are required to submit a report to the FAR Council outlining their findings. This report must detail positions where degree requirements were found to lack occupational necessity and include a plan to revise these classifications, potentially incorporating alternative criteria such as relevant work experience, certifications, or skills assessments. Non-compliance with these requirements could lead to administrative actions, including ineligibility for future federal contracts, though the bill explicitly allows for maintaining genuinely necessary or legally mandated degree requirements.