This bill, known as the "Contracting America First Act," prohibits federal agencies from contracting with internationally owned software companies for " covered software systems " that handle sensitive personal information of 500 or more federal employees. It mandates that offerors certify their ownership status under penalty of perjury, ensuring that companies with majority non-U.S. citizen ownership are excluded from these critical contracts. An agency head may waive this prohibition for national security reasons, with congressional notification. Violations can lead to contract termination, debarment, or suspension from future federal contracting. The Federal Acquisition Regulation will be updated to implement these provisions, aiming to safeguard sensitive government data.