# 119-s-1488: Sovereign Wealth Fund Transparency Act

119-s-1488, Sovereign Wealth Fund Transparency Act, is a 119th Congress bill sponsored by Sen. Blumenthal, Richard [D-CT] (D-CT); status introduced; PRIA reads it as touching household money (as of 2025-12-21).

- Canonical: https://policyrisk.com/legislation/119-s-1488
- As of: 2025-12-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-1488
- Congress: 119
- Title: Sovereign Wealth Fund Transparency Act
- Status: introduced
- Introduced: 2025-04-10
- Sponsor: Sen. Blumenthal, Richard [D-CT] (D-CT)
- Cosponsors: 0
- Policy area: International Affairs
- Touches household money: yes
- Last recorded action: 2025-12-21

## 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. - 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.

## Provisions PRIA read

- Higher FARA fines for registrants: cost, high. 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 b…
- Fewer exemptions for foreign agents: cost, medium. 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 sove…
- New DOJ civil investigative power: cost, medium. 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…

## Related bills

- 119-s-5238: For Our Republic Act
- 119-s-5071: Children's Safe Welcome Act of 2026
- 119-s-2838: Protecting Our Democracy Act
- 119-s-2819: Head Start for America's Children Act
- 119-s-1541: SHIPS for America Act of 2025
- 119-s-5283: Momnibus Act

## Sources
- [119-s-1488 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/1488)

## Related
- [119-s-5238: For Our Republic Act](https://policyrisk.com/legislation/119-s-5238)
- [119-s-5071: Children's Safe Welcome Act of 2026](https://policyrisk.com/legislation/119-s-5071)
- [119-s-2838: Protecting Our Democracy Act](https://policyrisk.com/legislation/119-s-2838)
- [119-s-2819: Head Start for America's Children Act](https://policyrisk.com/legislation/119-s-2819)
- [119-s-1541: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-s-1541)
- [119-s-5283: Momnibus Act](https://policyrisk.com/legislation/119-s-5283)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-1488 (as of 2025-12-21).