This bill seeks to significantly improve transparency regarding foreign influence over Department of Defense (DoD) contractors and subcontractors. It directs the Secretary of Defense to revise acquisition regulations within two years, requiring all prospective DoD contractors and subcontractors to disclose beneficial ownership information as part of their bids or proposals. Furthermore, the bill amends existing law concerning the mitigation of risks from foreign ownership, control, or influence (FOCI) within the defense industrial base. It expands the definition of FOCI to explicitly include beneficial owners and substantially lowers the contract value threshold for certain FOCI-related requirements from $5,000,000 to $500,000 , thereby increasing oversight for a broader range of contracts.