Bill > HR3284

This bill introduces new requirements and financial penalties for U.S. higher education institutions regarding foreign gifts and contracts. The bill mandates that the Secretary of Education conduct mandatory audits every two years on at least 30 institutions, prioritizing those with large endowments, previous substantial foreign gifts or contracts, prior non-compliance, contributions from entities of concern, or formal agreements with federal agencies. During these audits, the Secretary will assess institutions' compliance with foreign gift reporting requirements, identifying any under- or over-reported gifts, their amounts, sources, countries of origin, and dates. The Secretary must then submit a detailed report to Congress and make it publicly available. Additionally, the bill imposes significant excise taxes: a 300% tax on income received from "foreign countries of concern" and a 110% tax on unreported foreign funding. These provisions apply to institutions with at least 500 tuition-paying students, with more than half located in the United States. The goal appears to be increasing transparency and accountability regarding foreign financial contributions to U.S. educational institutions, with a particular focus on potential national security or economic concerns related to funding from specific countries.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3284/all-info