,,ii #aah? ,,congress #a/ ,session ,s4 #bahg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #bb1 #bjbc,mr4 ,book] introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife to require annual report+ on assets ( in/itutions ( high] education4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,end[m5t ,transp>5cy ,act4 #b4 ,report+ on assets ( in/itutions ( high] education 7a7 ,consum] in=mation 7#a7 ,asset report+ ,section #acb7;i7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajae;a7i77#a77 is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#b7 ?r\gh 7#f7 z p>agraphs 7#c7 ?r\gh 7#g72 & 7,b7 by add+ aft] p>agraph 7#a7 ! foll[+3 7#b7 ,assets 7,a7 ,9 ,g5]al ,n lat] ?an "o ye> aft] ! date ( enactm5t ( ! ,end[m5t ,transp>5cy ,act1 ! ,secret>y %all make publicly available on ! ,college ,navigator website1 9 simple & und]/&able t]ms1 ! foll[+ in=mation ab\t ea* in/itution ( high] education t p>ticipates 9 programs "u title ,,iv1 = ! mo/ rec5t academic ye> = :i* satisfactory data are available3 7i7 ,! total assets ( ! in/itution t are manag$-- 7,i7 by an inve/m5t advis]1 disaggregat$ by asset class2 & 7,,ii7 by a m9ority- or wom5-own$ inve/m5t advis]1 disaggregat$ by asset class & race ( ! inve/m5t advis]4 7ii7 ,) respect to inve/m5t advis]s employ$ by ! in/itution1 ! numb] ( ^? inve/m5t advis]s1 disaggregat$ by g5d] & race4 7iii7 ,! p]c5t ( bond issuances by ! in/itution t are und]writt5 by m9ority- or wom5-own$ asset managem5t firms4 7,b7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]m inve/m5t advis] has ! mean+ giv5 ! t]m 9 section #bjb7;a7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a772 7ii7 ! t]m m9ority has ! mean+ giv5 ! t]m "u section #cjh7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #adfc note72 & 7iii7 ! t]m m9ority- or wom5-own$1 :5 us$ ) respect to an inve/m5t advis] or an asset managem5t firm1 means an inve/m5t advis] or an asset managem5t firm t-- 7,i7 is own$ m ?an #ej p]c5t by #a or m individuals :o are wom5 or m9orities2 & 7,,ii7 is manag$ by1 & ! daily bus9ess op]ations ( :i* are controll$ by1 #a or m individuals :o are wom5 or m9orities4 4 7#b7 ,te*nical am5dm5ts ,section #acb7;i7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajae;a7i77#d77 is am5d$-- 7,a7 9 p>agraph 7#c71 z r$esignat$ by p>agraph 7#a71 by /rik+ p>agraph 7#a7 & ins]t+ p>agraphs 7#a7 & 7#b72 7,b7 9 p>agraph 7#d71 z r$esignat$ by p>agraph 7#a71 by /rik+ p>agraph 7#a7 & ins]t+ p>agraphs 7#a7 & 7#b72 & 7,c7 9 p>agraph 7#f77;,a71 z r$esignat$ by p>agraph 7#a7-- 7i7 9 clause 7iii7 by /rik+ p>agraph 7#f7 & ins]t+ p>agraph 7#g7 ea* place ! t]m appe>s2 & 7ii7 9 clause 7vi7 by /rik+ p>agraph 7#a7 & ins]t+ p>agraphs 7#a7 & 7#b74 7#c7 ,data collection ,p>agraph 7#e7 ( section #acb7;i7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajae;a7i77#d771 z r$esignat$ by p>agraph 7#a71 is am5d$-- 7,a7 by /rik+ ,! ,commission] & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,! ,commission] 2 & 7,b7 by add+ at ! end ! foll[+3 7,b7 ,rules = asset report+ ,) respect to ! in=mation describ$ 9 clauses 7i71 7ii71 & 7iii7 ( p>agraph 7#b77;,a71 ! ,secret>y ( ,education 7act+ ?r\gh ! ,commission] = ,education ,/ati/ics71 ! ,securities & ,ex*ange ,commission1 & ! ,"u ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t %all1 jo9tly1 issue rules to e/abli% a /&>diz$ =m & mann] = collect+ & report+ su* in=mation4 4 7#d7 ,rule ( con/ruction ,no?+ 9 ! am5dm5ts made by ?is section may be con/ru$ to limit ! au?ority ( ! ,secret>y ( ,education to collect additional div]sity in=mation n specifically describ$ 9 ! am5dm5ts made by ?is section4 7b7 ,analysis & report by ! ,m9ority ,bus9ess ,developm5t ,ag5cy 7#a7 ,9 g5]al ,aft] ! end ( ! #a-ye> p]iod beg9n+ on ! date t in=mation is fir/ report$ "u section #acb7;i77#b7 ( ! ,high] ,education ,act ( #aife 7z add$ by subsection 7a771 ! ,"u ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t %all1 9 consultation ) repres5tatives f indu/ry 7includ+ m9ority- or wom5-own$ inve/m5t advis]s & m9ority- or wom5-own$ asset managem5t firms7-- 7,a7 analyze all in=mation report$ "u t p>agraph 7#b72 & 7,b7 issue a report to ! ,congress1 & make su* report available to ! public1 conta9+-- 7i7 any recomm5d$ be/ practices ! ,"u ,secret>y may h = sub/antially increas+ ! use ( m9ority- or wom5-own$ inve/m5t advis]s & m9ority- or wom5-own$ asset managem5t firms 9 ! inve/m5t & bond transactions ( in/itutions ( high] education2 & 7ii7 any recomm5dations ! ,"u ,secret>y may h = regulatory or legislative *anges to increase ! use ( su* advis]s & firms4 7#b7 ,updat$ reports ,! ,"u ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t %all update ! report requir$ "u p>agraph 7#a77;,b7 e #b ye>s4 7#c7 ,def9itions ,9 ?is subsection1 ! t]ms inve/m5t advisor1 m9ority & m9ority- or wom5-own$ h ! mean+ give ^? t]ms 9 section #acb7;i77#b7 ( ! ,high] ,education ,act ( #aife 7z add$ by subsection 7a774 #c4 ,,mbda ,conf]5ce 7a7 ,9 g5]al ,! ,"u ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t %all1 9 consultation ) ! ,secret>y ( ,education1 e #b ye>s1 conv5e a conf]5ce ( in/itutions ( high] education1 m9ority- or wom5-own$ inve/m5t advis]s1 m9ority- or wom5-own$ asset managem5t firms1 & inve/m5t consultants to help ^? in/itutions1 advis]s1 & firms to %>e be/ practices = inve/m5t & bond transactions1 includ+ increas+ opportunities = su* advis]s & asset managem5t firms1 & le>n ab\t ! b5efits ( us+ su* advis]s & firms = inve/m5t & bond transactions4 7b7 ,def9itions ,9 ?is section1 ! t]ms inve/m5t advisor1 m9ority & m9ority- or wom5-own$ h ! mean+ give ^? t]ms 9 section #acb7;i77#b7 ( ! ,high] ,education ,act ( #aife 7z add$ by section #b7;a774 7c7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,"u ,secret>y ( ,comm]ce = ,m9ority ,bus9ess ,developm5t #c1jjj1jjj to c>ry out ?is section4