Prohibition on awarding of contracts and grants to companies beneficially owned by special Government employees

(a) In general An executive agency may not award a contract, grant, or cooperative agreement, or make any payment related to a contract, grant, or cooperative agreement, to a company of which any covered beneficial owner was a special Government employee on or after January 1, 2025, unless the individual who is such a beneficial owner of such company immediately ceases to be a special Government employee and is not a special Government employee at any time during the 365 days following the date of the enactment of this Act. (b) Definitions In this section: (1) Company The term company means any— (A) corporation, company, limited liability company, limited partnership, business trust, or business association; or (B) entity that is similar to an entity described in subparagraph (A). (2) Covered beneficial owner The term covered beneficial owner means an individual who, with respect to a company— (A) is a beneficial owner of the company, as determined pursuant to section 240.13d–3 of title 17, Code of Federal Regulations, as in effect on December 20, 2019; and (B) owns, directly or indirectly, 5 percent or more of the equity securities of the company. (3) Equity security The term equity security has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)). (4) Executive agency The term executive agency has the meaning given the term in section 133 of title 41, United States Code. (5) Special Government employee The term special Government employee has the meaning given the term in section 202(a) of title 18, United States Code.