S. 4516 would require the Office of Federal Procurement Policy to develop policy and guidance to mitigate conflicts of interest in federal contracts involving national security or foreign policy interests. Contracts with the Chinese and Russian governments or affiliated entities as well as state sponsors of terrorism, among others, would be subject to the new policies. CBO estimates that enacting S. 4516 would have an insignificant effect on direct spending and revenues over the 2023-2032 period. CBO has not estimated the discretionary costs of implementing the bill. The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.