Preventing Organizational Conflicts of Interest in Federal Acquisition Act This bill addresses conflicts of interest in federal acquisitions. Specifically, the bill directs the Federal Acquisition Regulatory Council to (1) identify contracting methods, types, and services that raise heightened concerns for potential organizational conflicts of interest beyond those currently addressed in the Federal Acquisition Regulation (FAR); and (2) revise the FAR to address organizational conflicts of interest and require executive agencies to take certain actions. The council must revise the FAR to provide and update definitions related to organizational conflicts of interest, to include specified contractor relationships; provide executive agencies with solicitation and contract provisions that require contractors to disclose information relevant to potential organizational conflicts of interest and limit future contracting with respect to potential conflicts; and require executive agencies to establish or update agency conflict of interest procedures to implement these FAR revisions and address agency-specific conflict of interest issues.