RIFA Act

This bill requires private institutions of higher education (IHEs) with specified assets or investments involving foreign countries or entities of concern to file annual investment disclosure reports. The bill applies to a private IHE with (1) assets in excess of $6 billion, or (2) investments of concern in excess of $250 million.

Specifically, the bill requires such a private IHE to file a disclosure report with the Department of Education (ED) for a year in which the IHE purchases, sells, or holds one or more investments of concern. Investment of concern means any specified interest (e.g., stock or debt) with respect to a foreign country of concern (e.g., North Korea, China, Russia, or Iran) or a foreign entity of concern (e.g., a foreign entity that is designated as a foreign terrorist organization).

Additionally, the bill requires ED to establish and maintain a publicly available and searchable database with these disclosure reports.

The bill requires ED to investigate possible violations of this bill and outlines the various penalties for each violation. Penalties may include losing eligibility for federal student financial aid.

Summary by the Congressional Research Service.