Redesignates existing paragraph numbers and inserts new definitions including 'covered source of concern', 'designated order', 'recommended order', and a detailed definition of 'source of concern' (including foreign-adversary/covered-nation language).

Moves Council placement to the Executive Office of the President, revises membership composition and membership-designation rules, and adds authority to establish a Federal Acquisition Security Council Program Office with specified duties, structure, funding, and shared-staffing authorities.

Revises the Council's functions and authorities: expands language to 'acquisition security and supply chain', adds authority for issuing 'designated orders' and 'issuing designated orders' as an explicit function, inserts detailed procedures and contents for designated orders (including exclusion/removal orders and effective date considerations), requires timelines for issuance by officials, adds waiver and renewal rules, makes certain information exempt from public disclosure until an order is issued, and caps order effective dates.

Makes targeted insertions and wording changes to the strategic-plan provisions of the subchapter (adjusting paragraph content and ordering).

Amends executive-agency requirements to add a duty requiring agencies to provide information requested by the Chairperson of the Council (subject to applicable handling rules), and updates terminology from 'supply chain' to 'security and supply chain' or 'security or supply chain' in specified places.

Updates judicial-procedure cross-references and amends the administrative-record filing requirement to include the information the Council relied upon in issuing a designated order and the information relied upon by the appropriate official in issuing exclusion/removal orders or covered procurement actions (including references to section 4713).

Adds a new section 1329 ('Additional provisions') to Subchapter III, requiring Council coordination to assist agencies with compliance with specified existing prohibitions (including references to section 889 of the NDAA for FY2019 and section 5949 of the NDAA for FY2023 and other statutes) and requiring the Council to update regulations within two years of enactment.