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Bill > S1488


US S1488

US S1488
Sovereign Wealth Fund Transparency Act


summary

Introduced
04/10/2025
In Committee
04/10/2025
Crossed Over
Passed
Dead

Introduced Session

119th Congress

Bill Summary

A bill to amend the Foreign Agents Registration Act of 1938, as amended, to clarify the exemption relating to commercial activities, to grant the Attorney General authority to issue civil investigative demands under that Act, and to create civil penalties for failure to meet the registration requirements under that Act, and for other purposes.

AI Summary

This bill amends the Foreign Agents Registration Act (FARA) to enhance transparency and enforcement of regulations surrounding foreign agents' activities. Specifically, the bill clarifies that exemptions for commercial activities do not apply to agents promoting the public or political interests of a foreign government, including activities related to sovereign wealth funds. The Attorney General is granted new authority to issue civil investigative demands, which allow for compelling the production of documents, written answers to interrogatories, and oral testimony during investigations. The bill establishes a comprehensive framework for how these demands can be issued, served, and executed, including protections for individuals' rights and provisions for judicial review. Additionally, the legislation introduces civil penalties for failing to register or file complete registration statements, with fines ranging from $1,000 to $200,000 depending on the violation's severity. The Attorney General is required to submit annual reports to Congress detailing the use of these new investigative powers, including the number of demands issued and their outcomes. These changes aim to improve oversight of foreign agents' activities and ensure more comprehensive disclosure of foreign influence in the United States.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

Read twice and referred to the Committee on Foreign Relations. (on 04/10/2025)

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