Owens Targets Universities’ Financial Ties to Foreign Adversaries
WASHINGTON, D.C. — Congressman Burgess Owens (R-UT) introduced the Reporting on Investments in Foreign Adversaries (RIFA) Act to hold private universities accountable for their financial partnerships with foreign countries and entities hostile to the United States.
“It is unacceptable for American universities to funnel millions to foreign adversaries without transparency or accountability,” said Rep. Owens. “The Reporting on Investments in Foreign Adversaries (RIFA) Act requires private institutions to disclose financial ties to hostile foreign entities, protecting our national security and the integrity of our education system. Higher education must serve American interests—not Beijing’s, not Moscow’s, and not any other foreign adversary seeking to buy influence on our nation’s campuses.”
The Reporting on Investments in Foreign Adversaries (RIFA) Act requires private universities with endowments above $6 billion or with more than $250 million in investments of concern to report on:
- A list of investments of concern purchased, sold, or held during the calendar year
- The aggregate fair market value of all investments of concern held as of the close of the calendar year
- The combined value of all investments of concern sold over the calendar year, as measured by the fair market value of such investments at the time of the sale
- The combined value of all capital gains from sales of investments of concern
Failure to comply with the reporting requirements will result in fines corresponding to the value of investments held and sold by the institution.
The full text of the legislation is available here.
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