PRIA Logo™
119-hr-1023119th CongressWALLET

RIFA Act

Sponsored By: Representative Owens, Burgess [R-UT-4]

Introduced

Summary

This bill would require large private colleges to publicly report investments tied to foreign countries or entities deemed a national security concern. It creates a new annual Investment Disclosure Report, a public searchable database, civil enforcement tools, fines, and program-eligibility penalties.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 2 costs, 1 mixed.

Repeated violations block college program access

If enacted, a college that violates these rules for three straight institutional fiscal years would lose access to programs under this title for at least two institutional fiscal years. Students at that school could see fewer federally supported programs or services during that period. To regain eligibility, the college would need to show full compliance for at least two institutional fiscal years after it became ineligible.

Heavy fines for colleges that hide investments

If enacted, the Secretary would investigate serious reporting failures and could ask the Attorney General to sue to force compliance. A school made to comply would have to pay all investigation and enforcement costs. For a first knowing or willful failure in a year, the fine would be 50% to 100% of the sum of its year‑end investments of concern plus the value of such investments sold that year. For later knowing or willful failures, the fine would be 100% to 200% of that same sum.

Large private colleges must report foreign investments

If enacted, large private colleges would have to file a yearly report on investments of concern tied to certain foreign countries or entities. A school would be covered if its non‑exempt assets are over $6 billion, or if it holds over $250 million in such investments at year‑end. By July 31 each year, it would list those investments, its year‑end total value, the value sold during the year, and the capital gains. The school would name a compliance officer to certify the filing. Interests in mutual funds and ETFs would count unless the Department later certifies a fund holds no investment of concern, under rules set with Treasury and the SEC. The Department would also post all reports in a public, searchable database by May 31 of the year after enactment, and within 30 days of receipt thereafter.

Sponsors & CoSponsors

Sponsor

Owens, Burgess [R-UT-4]

UT • R

Cosponsors

  • Rep. Harris, Mark [R-NC-8]

    NC • R

    Sponsored 2/5/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
Back to Legislation