I 
119TH CONGRESS 
2D SESSION 
H. R. 7403 
To prohibit foreign investment in relation to name, image, and likeness 
agreements, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 5, 2026 
Mr. MOORE of Utah (for himself and Mr. VEASEY) introduced the following 
bill; which was referred to the Committee on Education and Workforce, 
and in addition to the Committee on Foreign Affairs, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
of such provisions as fall within the jurisdiction of the committee con-
cerned 
A BILL 
To prohibit foreign investment in relation to name, image, 
and likeness agreements, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘No Foreign NIL 
Funds Act’’. 
SEC. 2. FOREIGN INVESTMENT IN NIL AGREEMENTS. 
(a) PROHIBITED COMPENSATION.—Any national or 
entity of a foreign country may not provide, regardless of 
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value, a covered entity with a benefit or a contribution 
(monetary or in-kind) in relation to a name, image, and 
likeness agreement. 
(b) TRANSPARENCY REQUIREMENT.—Any covered 
entity solicited by an entity under subsection (a) in rela-
tion to a name, image, and likeness agreement shall docu-
ment with the Attorney General and the Secretary of Edu-
cation such solicitation attempts. 
(c) AUTHORITY TO INVESTIGATE INSTITUTIONS.— 
(1) IN GENERAL.—The Attorney General, in co-
ordination with the Secretary of Education, shall in-
vestigate suspected violations of subsections (a) and 
(b) by institutions of higher education. 
(2) NOTICE; APPEAL.—In the case that the At-
torney General, in coordination with the Secretary of 
Education, determines that an institution of higher 
education is in violation of the requirements of sub-
section (a) or (b)— 
(A) the Attorney General shall notify the 
institution of such determination not later than 
30 days after such determination is made; and 
(B) the institution may appeal such deter-
mination by filing an appeal with the Office of 
Hearings and Appeals of the Department of 
Education. 
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(d) 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) The institution will comply with the 
requirements of the No Foreign NIL Funds Act. 
‘‘(B) The institution certifies that the institu-
tion has in effect a policy to— 
‘‘(i) prohibit student athletes who violate 
the requirements of the No Foreign NIL Funds 
Act from participating in intercollegiate ath-
letics at the institution for a 1-year period; 
‘‘(ii) notify students who have committed 
to participate in a varsity sports team of the re-
quirements of such Act and of the prohibition 
described in clause (i); and 
‘‘(iii) annually notify student athletes of 
the requirements of such Act and of the prohi-
bition described in clause (i). 
‘‘(C) In the case of an institution described in 
subparagraph (D), the institution will— 
‘‘(i) be ineligible to participate in the pro-
grams authorized by this title; and 
‘‘(ii) in order to regain eligibility to partici-
pate in such programs, submit to the Attorney 
General and the Secretary of Education a re-
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port detailing compliance with all the require-
ments of such Act, including the divestment of 
any prohibited funds. 
‘‘(D) An institution described in this subpara-
graph is an institution that— 
‘‘(i) the Attorney General, in consultation 
with the Secretary of Education, determines to 
be in violation of section 2 of the No Foreign 
NIL Funds Act pursuant to section 2(c) of 
such Act; and 
‘‘(ii) in the case of an institution that ap-
pealed such determination pursuant to section 
2(c)(2)(B) of such Act, was unsuccessful in ap-
pealing such determination.’’. 
(e) PENALTIES FOR COVERED ENTITIES.—A covered 
entity who commits a violation of this section shall be sub-
ject to the penalties imposed under subsections (b) and 
(c) of section 206 of the International Emergency Eco-
nomic Powers Act (50 U.S.C. 1705) to the same extent 
that such penalties apply to a person that commits an un-
lawful act described in section 206(a) of that Act. 
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SEC. 3. PROHIBITION ON CERTAIN STATE-CONTROLLED IN-
VESTMENTS IN COLLEGIATE ATHLETICS REV-
ENUE STREAMS. 
(a) PROHIBITION.—No institution of higher edu-
cation, athletic conference, media rights distributor, or 
bowl or post-season football organization may— 
(1) enter into, renew, or maintain any contract, 
partnership, joint venture, naming-rights agreement, 
sponsorship, or media-rights arrangement that in-
volves direct or indirect financing, ownership, or ma-
terial participation by a foreign country; or 
(2) engage in covered activities with a foreign 
country. 
(b) DISCLOSURE REQUIREMENT.—Any person sub-
ject to subsection (a) shall annually disclose all contracts 
and ownership information for any entity of a foreign 
country that provides such person with financial consider-
ation for covered activities to the Secretary of the Treas-
ury, in coordination with the Committee on Foreign In-
vestment in the United States, and the Secretary of Edu-
cation. 
(c) CIVIL PENALTY.—A person who commits a viola-
tion of this section shall be subject to the penalties im-
posed under section 206(b) of the International Emer-
gency Economic Powers Act (50 U.S.C. 1705) to the same 
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extent that such penalties apply to a person that commits 
an unlawful act described in section 206(a) of that Act. 
SEC. 4. DEFINITIONS. 
In this Act: 
(1) ATHLETIC CONFERENCE.—The term ‘‘ath-
letic conference’’ means any organization that is not 
an athletic association and that— 
(A) has 2 or more institutions of higher 
education as members; and 
(B) arranges championships for college 
athletic competition or sets rules for college 
athletic competition. 
(2) BOWL OR POST-SEASON FOOTBALL ORGANI-
ZATION.—The term ‘‘bowl or post-season football or-
ganization’’ means any legal entity, association, 
partnership, or other organization that contracts 
with one or more institutions of higher education or 
athletic conferences for the purpose of admin-
istering, organizing, producing, promoting, or broad-
casting post-season intercollegiate football competi-
tions recognized by the National Collegiate Athletic 
Association or its successor, including the College 
Football Playoff. 
(3) COVERED ACTIVITIES.—The term ‘‘covered 
activities’’ means any activity generating or affecting 
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revenue in intercollegiate athletics in relation to the 
National Collegiate Athletic Association Division I 
men’s or women’s athletic programs, including— 
(A) the naming rights to conferences, post- 
season events, or athletic facilities; 
(B) the sale or licensing of broadcast or 
streaming media rights; 
(C) a conference-wide or institutional spon-
sorship agreement; 
(D) a joint venture or capital investment 
related to athletic media, data, or a content 
platform; and 
(E) an amateur athletic competition, con-
test, tournament, or match (both competitive or 
exhibition). 
(4) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means any of the following: 
(A) An institution of higher education. 
(B) A student athlete. 
(C) An organization, collective, booster 
group, agent, or any other entity that solicits, 
receives, or manages funds on behalf of, in af-
filiation with, or under the direction of an insti-
tution of higher education (including an athletic 
department or varsity sports team of such insti-
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tution) for the purpose of funding, or creating 
or identifying opportunities relating to, name, 
image, and likeness agreements for the student 
athletes of such institution. 
(5) ENTITY
OF
A
FOREIGN
COUNTRY.—The 
term ‘‘entity of a foreign country’’ means a corpora-
tion, partnership, association, or organization— 
(A) supervised, directed, owned, controlled, 
financed, or subsidized, in whole or in part, by 
a foreign country; and 
(B) not organized under or created by the 
laws of the United States or of any State or 
other place subject to the jurisdiction of the 
United States and does not have its principal 
place of business within the United States. 
(6) FOREIGN
COUNTRY.—The term ‘‘foreign 
country’’ means any country except the following: 
(A) A country that is a member of the 
North Atlantic Treaty Organization. 
(B) Australia. 
(C) New Zealand. 
(D) Ireland. 
(7) INSTITUTION OF HIGHER EDUCATION.—The 
term ‘‘institution of higher education’’ has the 
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meaning given the term in section 101 of the Higher 
Education Act of 1965 (20 U.S.C. 1001). 
(8) MEDIA
RIGHTS
DISTRIBUTOR.—The term 
‘‘media rights distributor’’ means any entity, includ-
ing a broadcast network, cable network, streaming 
service, digital platform, satellite service, or other 
distributor, that acquires, licenses, sublicenses, or 
otherwise controls rights to transmit, stream, broad-
cast, exhibit, or publicly distribute college athletic 
competitions or related content. 
(9) NAME, IMAGE, AND
LIKENESS
AGREE-
MENT.—The term ‘‘name, image, and likeness agree-
ment’’ means a contract or similar agreement under 
which a student athlete licenses or authorizes, or a 
contract or similar agreement that otherwise is in 
relation to, the commercial use of the name, image, 
or likeness of the student athlete. 
(10) NATIONAL OF A FOREIGN COUNTRY.—The 
term ‘‘national of a foreign country’’ means any in-
dividual who is a citizen of a foreign country but is 
not a citizen of or alien lawfully admitted for perma-
nent residence in the United States of America. 
(11) STUDENT ATHLETE.—The term ‘‘student 
athlete’’ means an individual who— 
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(A) is enrolled at an institution of higher 
education; and 
(B) participates in a varsity sports team of 
such institution. 
(12) VARSITY SPORTS TEAM.—The term ‘‘var-
sity sports team’’ means an entity composed of an 
individual or group of individuals enrolled at an in-
stitution of higher education that is organized by 
such institution for the purpose of participation in 
intercollegiate athletic competitions. 
Æ 
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