Federal Acquisition Security Council Improvement Act of 2024

The Federal Acquisition Security Council Improvement Act of 2024 updates the structure and procedures of the Federal Acquisition Security Council, which oversees security risks in federal procurement. It clarifies definitions of "covered source of concern" (foreign entities posing security risks) and establishes a new Council with members from key agencies including the National Cyber Director, Department of Defense, Homeland Security, and intelligence agencies. The bill creates a Program Office within the Office of the National Cyber Director to support the Council and sets specific timelines for issuing "recommended orders" (90 days) and "designated orders" (30 days) to exclude or remove covered sources of concern from federal contracts. It also establishes a process for waiving these orders with congressional notification and requires annual reporting to Congress on security risks related to covered articles.