RIFA Act

The RIFA Act (HR 1023) requires private institutions of higher education with over $6 billion in assets or $250 million in "investments of concern" to annually report on investments tied to foreign adversaries. Institutions must disclose the value, sales, and capital gains of these investments (defined as holdings in designated foreign countries or entities deemed security threats) by July 31 each year, including designating a compliance officer. The Department of Education will maintain a public database of all reports and enforce compliance through fines (50-200% of investment values) or loss of federal funding eligibility for repeated violations. This law targets transparency around foreign investment exposure at large private universities, not public institutions or smaller colleges.