Amends section 544 to update the heading, replace specified terms with 'covered veterans', modify subsection structure (including striking and redesignating subsections), add specified Federal officials as members, add a new paragraph detailing Committee duties, require a biennial review and reporting, and add/expand definitions for 'covered veterans', 'minority group member', and 'veterans who are historically underserved' (including new categories such as Middle Eastern or North African American and multiracial).