Requires the Federal Acquisition Regulatory Council to issue rules within one year that make federal contractors review their job classifications to identify positions that require a bachelor’s degree and determine whether those degree requirements are actually necessary. Contractors must file a report of the review results within 180 days after the rules take effect and may face administrative penalties for failing to comply; degree requirements may be retained when shown to be necessary or legally required, and the rules apply to contracts entered on or after the rules’ effective date.