US HB7274

Relocates the Federal Acquisition Security Council from the executive branch to the Executive Office of the President and establishes a dedicated Program Office to provide administrative, legal, and policy support

Expands Council membership to include specific officials from ODNI, DOD, DHS, GSA, National Cyber Director, DOJ, and Commerce at the Assistant Secretary or Deputy Assistant Secretary level

Creates two categories of security orders: "recommended orders" for general sources of concern and mandatory "designated orders" for statutorily-designated covered sources of concern, which must be issued within 270 days of designation

Defines "source of concern" as entities subject to foreign adversary government control or posing national security risks through ties to foreign military, intelligence, or security forces (foreign adversaries defined as China, Russia, Iran, and North Korea per 10 U.S.C. 4872(d))

Requires the Secretary of Homeland Security, Secretary of Defense, and Director of National Intelligence to issue exclusion or removal orders within 90 days of receiving them from the Council, with limited waiver authority of up to 365 days plus one 180-day renewal