This Act may be cited as the Employee Limits ON Profiteering Act.

(a) Prohibition Except as provided in subsection (b), the Federal Government may not enter into or make a Federal award to a special Government employee or to a covered third party. (b) Exception Subsection (a) does not apply to a special Government employee who only serves as a member of an advisory committee. (c) Revision of FAR required Not later than 60 days after the date of the enactment of this section, the Federal Acquisition Regulation shall be revised in accordance with this section. (d) Definitions In this section: (1) Advisory committee The term advisory committee has the meaning given that term in section 1001 of title 5, United States Code. (2) Covered third party The term covered third party means— (A) the spouse, child, and general partner of a special Government employee; or (B) an organization in which a special Government employee serves as officer, director, trustee, general partner, or employee. (3) Federal award The term Federal award means a contract, grant, cooperative agreement, or other contract-like instrument, including an agreement entered into pursuant to other transaction authority. (4) Special Government employee The term special Government employee has the meaning given that term in section 202 of title 18, United States Code.