,,ii #aahth ,,congress #ast ,session ,s4 #bahg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #bb1 #bjbc,mr4 ,booker introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to amend the ,higher ,education ,act of #aife to require annual reporting on assets of institutions of higher education4 #a4 ,short title ,this ,act may be cited as the ,endowment ,transparency ,act4 #b4 ,reporting on assets of institutions of higher education 7a7 ,consumer information 7#a7 ,asset reporting ,section #acb7;i7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajae;a7i77#a77 is amended-- 7,a7 by redesignating paragraphs 7#b7 through 7#f7 as paragraphs 7#c7 through 7#g72 and 7,b7 by adding after paragraph 7#a7 the following3 7#b7 ,assets 7,a7 ,in ,general ,not later than one year after the date of enactment of the ,endowment ,transparency ,act1 the ,secretary shall make publicly available on the ,college ,navigator website1 in simple and understandable terms1 the following information about each institution of higher education that participates in programs under title ,,iv1 for the most recent academic year for which satisfactory data are available3 7i7 ,the total assets of the institution that are managed-- 7,i7 by an investment adviser1 disaggregated by asset class2 and 7,,ii7 by a minority- or women-owned investment adviser1 disaggregated by asset class and race of the investment adviser4 7ii7 ,with respect to investment advisers employed by the institution1 the number of those investment advisers1 disaggregated by gender and race4 7iii7 ,the percent of bond issuances by the institution that are underwritten by minority- or women-owned asset management firms4 7,b7 ,definitions ,in this paragraph-- 7i7 the term investment adviser has the meaning given the term in section #bjb7;a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a772 7ii7 the term minority has the meaning given the term under section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note72 and 7iii7 the term minority- or women-owned1 when used with respect to an investment adviser or an asset management firm1 means an investment adviser or an asset management firm that-- 7,i7 is owned more than #ej percent by #a or more individuals who are women or minorities2 and 7,,ii7 is managed by1 and the daily business operations of which are controlled by1 #a or more individuals who are women or minorities4 4 7#b7 ,technical amendments ,section #acb7;i7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajae;a7i77#d77 is amended-- 7,a7 in paragraph 7#c71 as redesignated by paragraph 7#a71 by striking paragraph 7#a7 and inserting paragraphs 7#a7 and 7#b72 7,b7 in paragraph 7#d71 as redesignated by paragraph 7#a71 by striking paragraph 7#a7 and inserting paragraphs 7#a7 and 7#b72 and 7,c7 in paragraph 7#f77;,a71 as redesignated by paragraph 7#a7-- 7i7 in clause 7iii7 by striking paragraph 7#f7 and inserting paragraph 7#g7 each place the term appears2 and 7ii7 in clause 7vi7 by striking paragraph 7#a7 and inserting paragraphs 7#a7 and 7#b74 7#c7 ,data collection ,paragraph 7#e7 of section #acb7;i7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajae;a7i77#d771 as redesignated by paragraph 7#a71 is amended-- 7,a7 by striking ,the ,commissioner and inserting the following3 7,a7 ,in general ,the ,commissioner 2 and 7,b7 by adding at the end the following3 7,b7 ,rules for asset reporting ,with respect to the information described in clauses 7i71 7ii71 and 7iii7 of paragraph 7#b77;,a71 the ,secretary of ,education 7acting through the ,commissioner for ,education ,statistics71 the ,securities and ,exchange ,commission1 and the ,under ,secretary of ,commerce for ,minority ,business ,development shall1 jointly1 issue rules to establish a standardized form and manner for collecting and reporting such information4 4 7#d7 ,rule of construction ,nothing in the amendments made by this section may be construed to limit the authority of the ,secretary of ,education to collect additional diversity information not specifically described in the amendments made by this section4 7b7 ,analysis and report by the ,minority ,business ,development ,agency 7#a7 ,in general ,after the end of the #a-year period beginning on the date that information is first reported under section #acb7;i77#b7 of the ,higher ,education ,act of #aife 7as added by subsection 7a771 the ,under ,secretary of ,commerce for ,minority ,business ,development shall1 in consultation with representatives from industry 7including minority- or women-owned investment advisers and minority- or women-owned asset management firms7-- 7,a7 analyze all information reported under that paragraph 7#b72 and 7,b7 issue a report to the ,congress1 and make such report available to the public1 containing-- 7i7 any recommended best practices the ,under ,secretary may have for substantially increasing the use of minority- or women-owned investment advisers and minority- or women-owned asset management firms in the investment and bond transactions of institutions of higher education2 and 7ii7 any recommendations the ,under ,secretary may have for regulatory or legislative changes to increase the use of such advisers and firms4 7#b7 ,updated reports ,the ,under ,secretary of ,commerce for ,minority ,business ,development shall update the report required under paragraph 7#a77;,b7 every #b years4 7#c7 ,definitions ,in this subsection1 the terms investment advisor1 minority and minority- or women-owned have the meaning give those terms in section #acb7;i77#b7 of the ,higher ,education ,act of #aife 7as added by subsection 7a774 #c4 ,,mbda ,conference 7a7 ,in general ,the ,under ,secretary of ,commerce for ,minority ,business ,development shall1 in consultation with the ,secretary of ,education1 every #b years1 convene a conference of institutions of higher education1 minority- or women-owned investment advisers1 minority- or women-owned asset management firms1 and investment consultants to help those institutions1 advisers1 and firms to share best practices for investment and bond transactions1 including increasing opportunities for such advisers and asset management firms1 and learn about the benefits of using such advisers and firms for investment and bond transactions4 7b7 ,definitions ,in this section1 the terms investment advisor1 minority and minority- or women-owned have the meaning give those terms in section #acb7;i77#b7 of the ,higher ,education ,act of #aife 7as added by section #b7;a774 7c7 ,authorization of appropriations ,there is authorized to be appropriated to the ,under ,secretary of ,commerce for ,minority ,business ,development #c1jjj1jjj to carry out this section4