The "Ensuring Naval Readiness Act" proposes to create specific exceptions to the existing prohibition against constructing United States naval vessels in foreign shipyards. This legislation aims to enhance naval readiness by allowing the Secretary of the Navy to utilize foreign shipyards under certain strict conditions, provided these conditions are met. Specifically, construction would be permitted only if the foreign shipyard is located in a North Atlantic Treaty Organization (NATO) member country or an Indo-Pacific Region country with a mutual defense treaty with the United States. Additionally, the cost of construction in the foreign shipyard must be demonstrably less than if performed in a domestic shipyard. A critical safeguard requires the Secretary of the Navy to certify to Congress that the chosen foreign shipyard is not owned or operated by a Chinese company or a multinational company domiciled in the People's Republic of China before any construction commences.