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119-s-1488119th CongressWALLET

Sovereign Wealth Fund Transparency Act

Sponsored By: Senator Blumenthal, Richard [D-CT]

Introduced

Summary

Five-year civil investigative demand (CID) authority under the Foreign Agents Registration Act (FARA). This bill would let the Attorney General issue pre‑proceeding CIDs and would narrow a commercial exemption so agents who promote the public or political interests of a foreign government or political party, including sovereign wealth funds, may need to register. It also sets civil penalty tiers and requires annual reporting on CID use.

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  • Agents, firms, and other potential registrants would face demands for documents, written answers, or oral testimony. Oral testimony generally requires at least 7 days notice unless there are exceptional circumstances and produced material may not be returnable for 20 days.
  • The bill removes a common commercial exemption for activity that promotes a foreign government or political party, including actions on behalf of sovereign wealth funds, which would increase the number of relationships that can trigger FARA registration.
  • Civil fines include up to $10,000 for a late or incomplete registration and up to $200,000 for other serious violations, and collected fines must defray enforcement costs and may not be paid by a foreign principal. Material produced under a CID is protected from disclosure under the Freedom of Information Act.

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Bill Overview

Analyzed Economic Effects

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

Higher FARA fines for registrants

If enacted, this bill would create new civil fines for people who must register under FARA. You could face up to $10,000 for each late or incomplete registration. You could face up to $1,000 for each late or incomplete supplement. Knowing failures to fix problems or other knowing violations could bring fines up to $200,000. A foreign principal could not pay these fines. Collected fines would be used to help pay enforcement costs. These penalties would take effect upon enactment.

Fewer exemptions for foreign agents

If enacted, the bill would narrow some commercial exemptions to the Foreign Agents Registration Act. Agents whose work promotes a foreign government’s or foreign political party’s public or political interests would no longer get the exemptions. The change explicitly covers activities done for sovereign wealth funds. That would make more agents likely to have to register and disclose under FARA. This change would take effect upon enactment.

New DOJ civil investigative power

If enacted, the Attorney General or a designated Deputy or the Assistant Attorney General for National Security could issue civil investigative demands before a case is filed. Demands could require documents, written answers, or oral testimony with set timing rules. Special protections would apply for privileged material and some discovery products. You could ask a court to modify or set aside a demand, usually within 20 days. The authority would expire five years after enactment.

Sponsors & CoSponsors

Sponsor

Blumenthal, Richard [D-CT]

CT • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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