This bill directs the Federal Acquisition Regulatory Council and the Office of Personnel Management to issue regulations within one year, requiring federal contractors and executive agencies to conduct comprehensive reviews of their job classifications. The primary goal is to identify positions that currently mandate a bachelor's degree or higher, but for which this educational requirement lacks a demonstrable occupational necessity for essential job functions. Following these reviews, both contractors and agencies must submit detailed reports outlining their findings, specifically listing positions where the degree requirement was deemed unnecessary. These reports must also include a plan to revise such job classifications, proposing alternative criteria like relevant work experience, professional certifications, or skills assessments. Non-compliance can lead to significant consequences, including ineligibility for future federal contracts for contractors or administrative actions for agencies. The bill clarifies that it does not prohibit maintaining degree requirements where they are genuinely necessary for job performance or legally mandated.