‘‘(k) DEFINITIONS.—In this section: 
‘‘(1) FOREIGN
COUNTRY
OF
CONCERN.—The 
term ‘foreign country of concern’ includes the fol-
lowing: 
‘‘(A) A country that is a covered nation (as 
defined in section 4872(d) of title 10, United 
States Code). 
‘‘(B) Any country that the Secretary, in 
consultation with the Secretary of Defense, the 
Secretary of State, and the Director of National 
Intelligence, determines to be engaged in con-
duct that is detrimental to the national security 
or foreign policy of the United States. 
‘‘(2) FOREIGN
ENTITY
OF
CONCERN.—The 
term ‘foreign entity of concern’ has the meaning 
given such term in section 10612(a) of the Research 
and Development, Competition, and Innovation Act 
(42 U.S.C. 19221(a)) and includes a foreign entity 
that is identified on the list published under section 
1286(c)(8)(A) of the John S. McCain National De-
fense Authorization Act for Fiscal Year 2019 (10 
U.S.C. 22 4001 note; Public Law 115–232). 
‘‘(3) 
INSTITUTION.—The 
term 
‘institution’ 
means an institution of higher education (as such 
term is defined in section 102, other than an institu-
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tion described in subsection (a)(1)(c) of such sec-
tion). 
‘‘(4) INVESTMENT OF CONCERN.— 
‘‘(A) IN GENERAL.—The term ‘investment 
of concern’ means any specified interest with 
respect to any of the following: 
‘‘(i) A foreign country of concern. 
‘‘(ii) A foreign entity of concern. 
‘‘(B) SPECIFIED
INTEREST.—The term 
‘specified interest’ means, with respect to any 
entity— 
‘‘(i) stock or any other equity or prof-
its interest of such entity; 
‘‘(ii) debt issued by such entity; and 
‘‘(iii) any contract or derivative with 
respect to any property described in clause 
(i) or (ii). 
‘‘(5) SPECIFIED INSTITUTION.— 
‘‘(A) IN
GENERAL.—The term ‘specified 
institution’, as determined with respect to any 
calendar year, means an institution if— 
‘‘(i) such institution is not a public in-
stitution; and 
‘‘(ii) the aggregate fair market value 
of— 
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‘‘(I) the assets held by such insti-
tution at the end of such calendar 
year (other than those assets which 
are used directly in carrying out the 
institution’s exempt purpose) is in ex-
cess of $6,000,000,000; or 
‘‘(II) the investments of concern 
held by such institution at the end of 
such calendar year is in excess of 
$250,000,000. 
‘‘(B) REFERENCES TO CERTAIN TERMS.— 
For the purpose of applying the definition 
under subparagraph (A), the terms ‘aggregate 
fair market value’ and ‘assets which are used 
directly in carrying out the institution’s exempt 
purpose’ shall be applied in the same manner as 
such terms are applied for the purposes of sec-
tion 4968(b)(1)(D) of the Internal Revenue 
Code of 1986.’’. 
(b) PROGRAM PARTICIPATION AGREEMENT.—Section 
487(a) of the Higher Education Act of 1965 (20 U.S.C. 
1094) is amended by adding at the end the following: 
‘‘(30)(A) An institution will comply with the re-
quirements of section 117A. 
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‘‘(B) An institution that, for 3 consecutive in-
stitutional fiscal years, violates any requirement of 
section 117A shall— 
‘‘(i) be ineligible to participate in the pro-
grams authorized by this title for a period of 
not less than 2 institutional fiscal years; and 
‘‘(ii) in order to regain eligibility to partici-
pate in such programs, demonstrate compliance 
with all requirements of such section for not 
less than 2 institutional fiscal years after the 
institutional fiscal year in which such institu-
tion became ineligible.’’. 
Æ 
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