RIFA Act | ChamberLight

IN COMMITTEE· 119TH CONGRESS

House BillHR 1023Civil actions and liabilityEducation programs funding

RIFA Act

INTRO FEB 5· LAST ACTION FEB 5

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Became Law

WHAT THE BILL DOES

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Voters should care about this bill because it aims to bring transparency to the financial dealings of U.S. higher education institutions, especially concerning their investments in foreign entities. Currently, detailed information about university endowment investments, particularly those with international connections, is not always easily accessible to the public.

If this bill becomes law, it would provide a clearer picture of where university money is invested, which could be relevant for national security discussions, ethical considerations, or debates about foreign influence in U.S. education. If it doesn't pass, universities would not be required to publicly disclose these specific foreign investments, maintaining the current level of limited transparency.

KEY PROVISIONS

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PROVISION 01

Requires specified institutions to file an annual disclosure report on 'investments of concern' to the Secretary of Education.

This provision introduces a new mandatory reporting requirement, increasing transparency around certain foreign investments held by colleges and universities.

PROVISION 02

Mandates the creation of a public, searchable database by the Secretary of Education to make all submitted reports electronically available.

This ensures that the disclosed information is easily accessible to the public, fostering accountability and public scrutiny.

PROVISION 03

Institutions must designate a compliance officer responsible for certifying the accuracy of the investment disclosure reports.

This creates a clear point of contact and accountability within each institution for ensuring truthful and complete reporting.

PROVISION 04

Establishes civil actions and significant financial penalties for institutions that knowingly or willfully fail to comply with the reporting requirements.

This provides a strong deterrent against non-compliance, ensuring the reporting mandate has teeth and encouraging adherence to the law.

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ACTION TIMELINE

2 EVENTS

FEB 5

Introduced in House

INTROREFERRAL

FEB 5

Referred to the House Committee on Education and Workforce.

HOUSE · INTROREFERRAL

BILL INFO

TypeHouse Bill

NumberHR 1023

Congress119th

StatusIn Committee

IntroducedFeb 5, 2025

Last actionFeb 5, 2025

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IN COMMITTEE· 119TH CONGRESS · EDUCATION AND WORKFORCE COMMITTEE · INTRODUCED FEB 5, 2025

House BillHR 1023Civil actions and liabilityEducation programs funding

RIFA Act

INTRODUCED FEB 5, 2025· LAST ACTION FEB 5, 2025

PASSAGE CHANCES

—%

READING

10 min

COSPONSORS

COMPLEXITY

Moderate

Call my reps Congress.gov

LEGISLATIVE PROGRESS

STEP 2 OF 8

Introduced

In Committee

Reported

Passed House

Passed Senate

Conference

To President

Became Law

Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law

WHAT THE BILL DOES

AI-written

KEY PROVISIONS

AI-extracted

high

Requires specified institutions to file an annual disclosure report on 'investments of concern' to the Secretary of Education.

This provision introduces a new mandatory reporting requirement, increasing transparency around certain foreign investments held by colleges and universities.

high

Mandates the creation of a public, searchable database by the Secretary of Education to make all submitted reports electronically available.

This ensures that the disclosed information is easily accessible to the public, fostering accountability and public scrutiny.

med

Institutions must designate a compliance officer responsible for certifying the accuracy of the investment disclosure reports.

This creates a clear point of contact and accountability within each institution for ensuring truthful and complete reporting.

high

Establishes civil actions and significant financial penalties for institutions that knowingly or willfully fail to comply with the reporting requirements.

This provides a strong deterrent against non-compliance, ensuring the reporting mandate has teeth and encouraging adherence to the law.

DEADLINES & DATES

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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

July 31st

Annual submission of investment disclosure reports for the preceding calendar year

Not later than May 31st of the calendar year following enactment

Establishment of a public, searchable database for disclosure reports by the Secretary of Education

Not later than 30 days after receipt

Inclusion of disclosure reports in the public database after receipt by the Secretary

PENALTIES & ENFORCEMENT

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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

TYPE	AMOUNT	WHO
Civil	Not less than 50% and not more than 100% of the aggregate fair market value of all investments of concern held by the institution (for first-time knowing or willful violations), plus full costs to the U.S. of obtaining compliance, including investigation and enforcement costs.	Specified institutions that knowingly or willfully fail to comply with reporting requirements.

GLOSSARY

AI-written

Higher Education Act of 1965: A comprehensive federal law that authorizes and funds various programs related to higher education in the United States, including student financial aid.
Specified institution: A college or university, likely one that receives federal funding under the Higher Education Act and has an endowment, that is subject to this bill's reporting requirements.
Endowment: A fund of money and other assets donated to a college or university, usually with the requirement that the principal be invested and remain untouched, with only the interest or earnings used to support the institution's operations.
Investments of concern: Specific types of investments that the bill requires institutions to report, though the precise definition of 'concern' is not provided in this excerpt. These investments could be direct or indirect holdings in foreign entities or countries.
Fair market value: The price an asset would sell for on the open market, or the estimated worth of something based on what a willing buyer and seller would agree upon.
Pooled investment: An investment fund, like a mutual fund or exchange-traded fund, that combines money from many investors to buy a diverse portfolio of securities. The bill treats an interest in such a fund as an 'investment of concern' if the fund itself holds such investments.

ACTION TIMELINE

2 EVENTS

FEB 5, 25

Introduced in House

INTROREFERRAL

FEB 5, 25

Referred to the House Committee on Education and Workforce.

INTROREFERRAL

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RIFA Act

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