This bill, titled the "Ensuring Transparency, Honesty, and Integrity for Contracting, Acquisition, and Lifecycle Procurement Act" or "ETHICAL Procurement Act," aims to prevent conflicts of interest in defense contracting. It prohibits the Secretary of Defense from entering into, renewing, or extending contracts with entities if certain current government employees or their immediate family members have specific affiliations with those entities. The prohibition applies when an officer, director, partner, or majority owner of an entity holds a high-level government position, including those appointed by the President, in confidential or policy-determining roles (Schedule C), as a special Government employee, or in the Senior Executive Service. Furthermore, it extends to immediate family members of the President or these specified government employees if they are officers, directors, partners, or hold a significant ownership interest or would derive a substantial financial benefit from the contract. The bill defines "immediate family member" to include parents, children, siblings, spouses, or domestic partners. It also mandates the Secretary of Defense to issue regulations within 30 days of enactment to implement these provisions, including definitions, thresholds, and procedures for identifying affected individuals and entities.