,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #ajbc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,febru>y #e1 #bjbe,mr4
 ,ow5s 7= himself & ,mr4 ,h>ris ( ,nor? 
,c>ol9a7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,education &  
,work=ce  ,a ,,bill  ,to am5d ! ,high]  
,education ,act ( #aife to require      
disclosure ( c]ta9 =eign inve/m5ts )9   
end[m5ts1 & = o!r purposes4  #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 ea*     
,july #ca 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 %all conta91 )
 respect to ! cal5d> ye> prec$+ ! cal5d>
 ye> 9 :i* su* report is fil$1 ! foll[+ 
in=mation3 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        
,treatm5t ( c]ta9 pool$ inve/m5ts  7#a7 
,pool$ inve/m5t classification  7,a7 ,9 
g5]al ,= purposes ( ?is section1 except 
z provid$ 9 subp>agraph 7,b71 a specifi$
 int]e/ acquir$ by a specifi$ in/itution
 9 a regulat$ inve/m5t company1 ex*ange 
trad$ fund1 or any o!r pool$ inve/m5t t 
holds an inve/m5t ( conc]n %all be      

treat$ z an inve/m5t ( conc]n & %all be 
report$ pursuant to p>agraph 7#b77;,a74 
7,b7 ,c]tification ( pool$ inve/m5t     
,not)/&+ subp>agraph 7,a71 su* specifi$ 
int]e/ %all n be subject to subp>agraph 
7,a7 if ! ,secret>y c]tifies1 pursuant  
to p>agraph 7#b77;,b71 t su* pool$      
inve/m5t is n hold+ an inve/m5t (       
conc]n4  7#b7 ,proc$ures ,! ,secret>y1  
aft] consultation ) ! ,secret>y ( !     
,treasury & ! ,securities & ,ex*ange    
,commission1 %all e/abli% proc$ures "u  
:i* a pool$ inve/m5t describ$ 9 p>agraph
 7#a7-- 7,a7 %all be report$ 9          
accordance ) ! requirem5ts ( subsection 
7b72 &  7,b7 may be c]tifi$ "u p>agraph 
7#a77;,b7 z n hold+ an inve/m5t (       
conc]n4  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 ( ! ,treasury
 & ! ,securities & ,ex*ange ,commission1
 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 ! ,may #ca ( ! cal5d>
 ye> 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-- 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 ,en=cem5t   
7#a7 ,inve/igation ,! ,secret>y 7act+   
?r\gh ! ,g5]al ,c\nsel ( ! ,dep>tm5t7   

%all conduct inve/igations ( possible   
violations ( ?is section by in/itutions 
&1 :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 su*    
section71 %all reque/ t ! ,attorney     
,g5]al br+ a civil action 9 accordance )
 p>agraph 7#b74  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 any su*
 section7 bas$ on an inve/igation "u    
p>agraph 7#a71 a civil action %all 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 is compell$ to comply ) a  
requirem5t ( ?is section pursuant to    
p>agraph 7#b7 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 subp>agraph 7,a7 ) 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  7j7        
,def9itions ,9 ?is section3 7#a7 ,=eign 
c\ntry ( conc]n ,! t]m =eign c\ntry (   
conc]n means ! foll[+3 7,a7 ,any cov]$  
nation def9$ 9 section #dhgb ( title    

#aj1 ,unit$ ,/ates ,code4  7,b7 ,any    
c\ntry ! ,secret>y1 9 consultation ) !  
,secret>y ( ,def5se1 ! ,secret>y (      
,/ate1 & ! ,director ( ,national        
,intellig5ce1 det]m9es1 = purposes ( ?is
 section1 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