The RIFA Act would require certain nonpublic colleges and universities to report investments tied to designated foreign countries or entities of concern. It applies to institutions with more than $6 billion in assets not used directly for their exempt purpose, or more than $250 million in investments of concern. Covered institutions would report investments bought, sold, or held, along with their values and gains. Reports would be published in a searchable online database. The bill also requires a compliance officer and allows enforcement actions and fines for knowing or willful failures to report.
Students and the public could search the database for reports from covered institutions. Institutions that violate reporting requirements for three consecutive fiscal years would lose access to certain federal student aid programs for at least two fiscal years, subject to the bill's conditions for regaining eligibility. The bill does not describe other direct effects on individuals.
The bill provides no cost estimates. Covered institutions would have reporting and compliance duties. Institutions compelled to comply after enforcement would have to pay the United States' associated investigation and enforcement costs and could face fines.
No publicly available information.
No publicly available information.