,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #fafe  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #a1 #bjbc,mr4
 ,ow5s 7= himself & ,ms4 ,foxx7         
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & ! ,work=ce
  ,a ,,bill  ,to am5d ! ,high]          
,education ,act to require disclosure ( 
c]ta9 =eign inve/m5ts )9 end[m5ts4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,report+ on ,inve/m5ts 9 ,=eign         
,adv]s>ies ,act or ! ,,rifa ,act4  #b4  
,inve/m5t disclosure report  7a7 ,9     
g5]al ,"p ,b ( title ,i ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajaa et seq47 is am5d$ by ins]t+ aft]  
section #aag ! foll[+3  #aag;,a4        
,inve/m5t disclosure report  7a7        
,inve/m5t disclosure report ,a specifi$ 
in/itution %all file a disclosure report
 9 accordance ) subsection 7b7 ) !      
,secret>y on ,july #a imm$iately foll[+ 
any cal5d> ye> 9 :i* ! specifi$         
in/itution pur*ases1 sells1 or holds    
7directly or indirectly ?r\gh any *a9 ( 

own]%ip7 "o or m inve/m5ts ( conc]n4    
7b7 ,cont5ts ( report ,ea* report to !  
,secret>y requir$ by subsection 7a7 )   
respect to any cal5d> ye> %all conta9 ! 
foll[+3 7#a7 ,a li/ ( ! inve/m5ts (     
conc]n pur*as$1 sold1 or held dur+ su*  
cal5d> ye>4  7#b7 ,! aggregate fair     
m>ket value ( all inve/m5ts ( conc]n    
held z ( ! close ( su* cal5d> ye>4  7#c7
 ,! comb9$ value ( all inve/m5ts (      
conc]n sold ov] ! c\rse ( su* cal5d>    
ye>1 z measur$ by ! fair m>ket value (  
su* inve/m5ts at ! "t ( ! sale4  7#d7 ,!
 comb9$ value ( all capital ga9s f su*  
sales ( inve/m5ts ( conc]n4  7c7        
,inclusion ( c]ta9 pool$ funds  7#a7 ,9 
g5]al ,an inve/m5t ( conc]n acquir$     
?r\gh a regulat$ inve/m5t company1      
ex*ange trad$ fund1 or any o!r pool$    
inve/m5t %all be treat$ z acquir$ ?r\gh 
a *a9 ( own]%ip ref]r$ to 9 subsection  
7a71 unless su* pool$ inve/m5t is       
c]tifi$ by ! ,secret>y z n hold+ any    
li/$ inve/m5ts 9 accordance )           
subp>agraph 7,b7 ( p>agraph 7#b74  7#b7 

,c]tifications ( pool$ funds ,!         
,secret>y1 aft] consultation ) !        
,secret>y ( ! ,treasury1 %all e/abli%   
proc$ures "u :i* c]ta9 regulat$ inve/m5t
 companies1 ex*ange trad$ funds1 & o!r  
pool$ inve/m5ts-- 7,a7 %all be report$ 9
 accordance ) ! requirem5ts "u          
subsection 7b72 &  7,b7 may be c]tifi$  
by ! ,secret>y z n hold+ any li/$       
inve/m5ts4  7d7 ,treatm5t ( relat$      
organizations ,= purposes ( ?is section1
 assets held by any relat$ organization 
7z def9$ 9 section #difh7;d77#b7 ( !    
,int]nal ,rev5ue ,code ( #aihf7 )       
respect to a specifi$ in/itution %all be
 treat$ z held by su* specifi$          
in/itution1 except t-- 7#a7 su* assets  
%all n be tak5 into acc\nt ) respect to 
m ?an #a specifi$ in/itution2 &  7#b7   
unless su* organization is controll$ by 
su* in/itution or is describ$ 9 section 
#eji7;a77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf ) respect to su* in/itution1    
assets :i* are n int5d$ or available = !
 use or b5efit ( su* specifi$ in/itution

 %all n be tak5 into acc\nt4  7e7       
,valuation ( debt ,= purposes ( ?is     
section1 ! fair m>ket value ( any debt  
%all be ! pr9cipal am\nt ( su* debt4    
7f7 ,regulations ,! ,secret>y1 aft]     
consultation ) ! ,secret>y ( !          
,treasury1 may issue su* regulations or 
o!r guidance z may be necess>y or       
appropriate to c>ry out ! purposes ( ?is
 section1 includ+ regulations or o!r    
guidance provid+ = ! prop] application (
 ?is section ) respect to c]ta9 regulat$
 inve/m5t companies1 ex*ange trad$      
funds1 & pool$ inve/m5ts4  7g7          
,compliance (fic] ,any specifi$         
in/itution t is requir$ to submit a     
report "u subsection 7a7 %all designate1
 be=e ! submission ( su* report1 &      
ma9ta9 a compliance (fic]1 :o %all--    
7#a7 be a curr5t employee or legally    
au?oriz$ ag5t ( su* in/itution2 &  7#b7 
be responsible1 on behalf ( !           
in/itution1 = p]sonally c]tify+ accurate
 compliance ) ! report+ requirem5ts "u  
?is section4  7h7 ,database requirem5t  

,beg9n+ n lat] ?an #fj days be=e ! ,july
 #a imm$iately foll[+ ! date ( !        
enactm5t ( ! ,,rifa ,act1 ! ,secret>y   
%all-- 7#a7 e/abli% & ma9ta9 a se>*able 
database on a website ( ! ,dep>tm5t1 "u 
:i* all reports submitt$ "u ?is section 
7includ+ any report submitt$ "u ?is     
section be=e ! date ( ! enactm5t ( !    
,,rifa ,act7-- 7,a7 are made publicly   
available 79 electronic & d[nloadable   
=mat71 includ+ any in=mation provid$ 9  
su* reports2  7,b7 c be individually    
id5tifi$ & comp>$2 &  7,c7 are se>*able 
& sortable2 &  7#b7 n lat] ?an #cj days 
aft] receipt ( a disclosure report "u   
?is section1 include su* report 9 su*   
database4  7i7 ,int]ag5cy in=mation %>+ 
,n lat] ?an #cj days aft] receiv+ a     
disclosure report f an in/itution 9     
compliance ) ?is section1 ! ,secret>y   
%all transmit an unr$act$ copy ( su*    
report to ! ,director ( ! ,f$]al ,bureau
 ( ,inve/igation1 ! ,director (         
,national ,intellig5ce1 ! ,assi/ant     
,attorney ,g5]al = ,national ,security1 

! ,director ( ! ,c5tral ,intellig5ce    
,ag5cy1 & ! ,director ( ! ,national     
,sci5ce ,f\ndation4  7j7 ,en=cem5t  7#a7
 ,inve/igation ,! ,secret>y 7act+ ?r\gh 
! ,g5]al ,c\nsel ( ! ,dep>tm5t7 may     
conduct inve/igations ( possible        
violations ( ?is section by in/itutions4
  7#b7 ,civil action ,:5ev] x appe>s t  
an in/itution has kn[+ly or willfully   
fail$ to comply ) a requirem5t ( ?is    
section 7includ+ any rule or regulation 
promulgat$ "u ?is section7 bas$ on su*  
an inve/igation1 a civil action may be  
br\ght by ! ,attorney ,g5]al1 at !      
reque/ ( ! ,secret>y1 9 an appropriate  
di/rict c\rt ( ! ,unit$ ,/ates1 or !    
appropriate ,unit$ ,/ates c\rt ( any    
t]ritory or o!r place subject to !      
jurisdiction ( ! ,unit$ ,/ates1 to      
reque/ su* c\rt to compel compliance ) !
 requirem5t ( ?is section4  7#c7 ,co/s &
 o!r f9es ,an in/itution t is compell$  
to comply ) a requirem5t ( ?is section  
pursuant to p>agraph 7#b7 %all-- 7,a7   
pay to ! ,treasury ( ! ,unit$ ,/ates !  

full co/s to ! ,unit$ ,/ates ( obta9+   
compliance ) ! requirem5t ( ?is section1
 includ+ all associat$ co/s (           
inve/igation & en=cem5t2 &  7,b7 be     
subject to ! applicable f9es describ$ 9 
p>agraph 7#d74  7#d7 ,f9es = violations 
,! ,secret>y %all impose a f9e on an    
in/itution t kn[+ly or willfully fails  
to comply ) a requirem5t ( ?is section z
 foll[s3 7,a7 ,fir/-"t violations ,9 !  
case ( a specifi$ in/itution t kn[+ly or
 willfully fails to comply ) a          
requirem5t ( ?is section ) respect to a 
cal5d> ye>1 & t has n previ\sly kn[+ly  
or willfully fail$ to comply ) su* a    
requirem5t1 ! ,secret>y %all impose a   
f9e on ! in/itution 9 an am\nt t is n   
less ?an #ej p]c5t & n m ?an #ajj p]c5t 
( ! sum (-- 7i7 ! aggregate fair m>ket  
value ( all inve/m5ts ( conc]n held by  
su* in/itution z ( ! close ( su* cal5d> 
ye>2 &  7ii7 ! comb9$ value ( all       
inve/m5ts ( conc]n sold ov] ! c\rse (   
su* cal5d> ye>1 z measur$ by ! fair     
m>ket value ( su* inve/m5ts at ! "t ( ! 

sale4  7,b7 ,subsequ5t violations ,9 !  
case ( a specifi$ in/itution t has be5  
f9$ pursuant to clause 7i7 ) respect to 
a cal5d> ye>1 & t kn[+ly or willfully   
fails to comply ) a requirem5t ( ?is    
section ) respect to any additional     
cal5d> ye>1 ! ,secret>y %all impose a   
f9e on ! in/itution ) respect to any su*
 additional cal5d> ye> 9 an am\nt t is n
 less ?an #ajj p]c5t & n m ?an #bjj     
p]c5t ( ! sum (-- 7i7 ! aggregate fair  
m>ket value ( all inve/m5ts ( conc]n    
held by su* in/itution z ( ! close ( su*
 additional cal5d> ye>2 &  7ii7 ! comb9$
 value ( all inve/m5ts ( conc]n sold ov]
 ! c\rse ( su* additional cal5d> ye>1 z 
measur$ by ! fair m>ket value ( su*     
inve/m5ts at ! "t ( ! sale4  7k7        
,def9itions ,9 ?is section3 7#a7 ,=eign 
c\ntry ( conc]n ,! t]m =eign c\ntry (   
conc]n includes ! foll[+3 7,a7 ,a c\ntry
 t is a cov]$ nation 7z def9$ 9 section 
#dhgb7;d7 ( title #aj1 ,unit$ ,/ates    
,code74  7,b7 ,any c\ntry t ! ,secret>y1
 9 consultation ) ! ,secret>y ( ,def5se1

 ! ,secret>y ( ,/ate1 & ! ,director (   
,national ,intellig5ce1 det]m9es to be  
engag$ 9 conduct t is detrim5tal to !   
national security or =eign policy ( !   
,unit$ ,/ates4  7#b7 ,=eign entity (    
conc]n ,! t]m =eign entity ( conc]n has 
! mean+ giv5 su* t]m 9 section          
#ajfab7;a7 ( ! ,rese>* & ,developm5t1   
,competition1 & ,innovation ,act 7#db   
,u4,s4,c4 #aibba7;a77 & includes a =eign
 entity t is id5tifi$ on ! li/ publi%$  
"u section #abhf7;c77#h77;,a7 ( ! ,john 
,s4 ,mc,cain ,national ,def5se          
,au?orization ,act = ,fiscal ,ye> #bjai 
7#aj ,u4,s4,c4 #bb #djja note2 ,public  
,law #aae-bcb74  7#c7 ,in/itution ,! t]m
 in/itution means an in/itution ( high] 
education 7z su* t]m is def9$ 9 section 
#ajb1 o!r ?an an in/itution describ$ 9  
subsection 7a77#a77;c7 ( su* section74  
7#d7 ,inve/m5t ( conc]n  7,a7 ,9 g5]al  
,! t]m inve/m5t ( conc]n means any      
specifi$ int]e/ ) respect to any ( !    
foll[+3 7i7 ,a =eign c\ntry ( conc]n4   
7ii7 ,a =eign entity ( conc]n4  7,b7    

,specifi$ int]e/ ,! t]m specifi$ int]e/ 
means1 ) respect to any entity-- 7i7    
/ock or any o!r equity or pr(its int]e/ 
( su* entity2  7ii7 debt issu$ by su*   
entity2 &  7iii7 any contract or        
d]ivative ) respect to any prop]ty      
describ$ 9 clause 7i7 or 7ii74  7#e7    
,specifi$ in/itution  7,a7 ,9 g5]al ,!  
t]m specifi$ in/itution1 z det]m9$ )    
respect to any cal5d> ye>1 means an     
in/itution if-- 7i7 su* in/itution is n 
a public in/itution2 &  7ii7 ! aggregate
 fair m>ket value (-- 7,i7 ! assets held
 by su* in/itution at ! end ( su* cal5d>
 ye> 7o!r ?an ^? assets :i* are us$     
directly 9 c>ry+ out ! in/itution's     
exempt purpose7 is 9 excess (           
#f1jjj1jjj1jjj2 or  7,,ii7 ! inve/m5ts (
 conc]n held by su* in/itution at ! end 
( su* cal5d> ye> is 9 excess (          
#bej1jjj1jjj4  7,b7 ,ref]5ces to c]ta9  
t]ms ,= ! purpose ( apply+ ! def9ition  
"u subp>agraph 7,a71 ! t]ms aggregate   
fair m>ket value & assets :i* are us$   
directly 9 c>ry+ out ! in/itution's     

exempt purpose %all be appli$ 9 ! same  
mann] z su* t]ms are appli$ = ! purposes
 ( section #difh7;b77#a77;,d7 ( !       
,int]nal ,rev5ue ,code ( #aihf4  4  7b7 
,program p>ticipation agreem5t ,section 
#dhg7;a7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajid7 is am5d$ by 
add+ at ! end ! foll[+3  7#cj7 7,a7 ,an 
in/itution w comply ) ! requirem5ts (   
section #aag;,a4  7,b7 ,an in/itution t1
 = #c consecutive in/itutional fiscal   
ye>s1 violates any requirem5t ( section 
#aag;,a %all-- 7i7 be ineligible to     
p>ticipate 9 ! programs au?oriz$ by ?is 
title = a p]iod ( n less ?an #b         
in/itutional fiscal ye>s2 &  7ii7 9 ord]
 to rega9 eligibility to p>ticipate 9   
su* programs1 demon/rate compliance )   
all requirem5ts ( su* section = n less  
?an #b in/itutional fiscal ye>s aft] !  
in/itutional fiscal ye> 9 :i* su*       
in/itution became ineligible4  4