Higher Education Transparency: New Rules for Foreign Gifts and Contracts.
This Act amends the Higher Education Act of 1965 to require institutions to disclose gifts and contracts from foreign sources, including foreign countries of concern. It restricts contracts with certain foreign entities and countries and mandates reporting of foreign gifts and contracts by staff and faculty. The Secretary of Education is required to maintain a public database containing these disclosure reports.
Key points
Institutions must report foreign gifts and contracts valued at $50,000 or more, and transactions with foreign countries or entities of concern regardless of value.
The Act prohibits entering into contracts with foreign countries or entities of concern unless the institution obtains a one-year waiver from the Secretary.
Certain institutions must maintain a policy requiring covered individuals to disclose foreign gifts and contracts and must maintain a public database of these disclosures.
Specified institutions (non-public, with significant assets) must file reports disclosing investments in foreign countries or entities of concern.
Fines are imposed for knowing violations, and repeated violations may result in ineligibility for federal programs for at least two institutional fiscal years.
59%
VOTING RESULTS
2023-12-06
For
246
Against
170
Abstain
0
Status:
Expired
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