‘‘(e) VALUATION OF DEBT.—For purposes of this 
section, the fair market value of any debt shall be the prin-
cipal amount of such debt. 
‘‘(f) REGULATIONS.—The Secretary, after consulta-
tion with the Secretary of the Treasury, may issue such 
regulations or other guidance as may be necessary or ap-
propriate to carry out the purposes of this section, includ-
ing regulations or other guidance providing for the proper 
application of this section with respect to certain regulated 
investment companies, exchange traded funds, and pooled 
investments. 
‘‘(g) COMPLIANCE OFFICER.—Any specified institu-
tion that is required to submit a report under subsection 
(a) shall designate, before the submission of such report, 
and maintain a compliance officer, who shall— 
‘‘(1) be a current employee or legally authorized 
agent of such institution; 
‘‘(2) be responsible, on behalf of the institution, 
for personally certifying accurate compliance with 
the reporting requirements under this section; and 
‘‘(3) certify the institution has, for purposes of 
filing such report under subsection (a), followed an 
established institutional policy and conducted good 
faith efforts and reasonable due diligence to deter-
mine the accuracy and valuations of the assets re-
ported. 
‘‘(h) DATABASE
REQUIREMENT.—Beginning not 
later than 60 days before the July 31 immediately fol-
lowing the date of the enactment of the DETERRENT 
Act, the Secretary shall— 
‘‘(1) establish and maintain a searchable data-
base on a website of the Department, under which 
all reports submitted under this section— 
‘‘(A) are made publicly available (in elec-
tronic and downloadable format), including any 
information provided in such reports; 
‘‘(B) can be individually identified and 
compared; and 
‘‘(C) are searchable and sortable; and 
‘‘(2) not later than 30 days after receipt of a 
disclosure report under this section, include such re-
port in such database. 
‘‘(i) DEFINITIONS.—In this section: 
‘‘(1) 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). 
‘‘(2) 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— 
‘‘(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.’’. 
SEC. 5. ENFORCEMENT AND OTHER GENERAL PROVISIONS. 
(a) ENFORCEMENT AND OTHER GENERAL PROVI-
SIONS.—The Higher Education Act of 1965 (20 U.S.C. 
1001 et seq.), as amended by section 4 of this Act, is fur-
ther amended by inserting after section 117C the fol-
lowing: 
‘‘SEC. 117D. ENFORCEMENT; SINGLE POINT-OF-CONTACT. 
‘‘(a) ENFORCEMENT.— 
‘‘(1) INVESTIGATION.—The Secretary (acting 
through the General Counsel of the Department) 
shall conduct investigations of possible violations of 
sections 117, 117A, 117B, and 117C by institutions 
and, whenever it appears that an institution has 
knowingly or willfully failed to comply with a re-
quirement of any of such sections (including any 
rule or regulation promulgated under any such sec-
tion), shall request that the Attorney General bring 
a civil action in accordance with paragraph (2). 
‘‘(2) CIVIL ACTION.—Whenever it appears that 
an institution has knowingly or willfully failed to 
comply with a requirement of any of the sections 
listed in paragraph (1) (including any rule or regula-
tion promulgated under any such section) based on 
such an investigation, a civil action shall be brought 
by the Attorney General, at the request of the Sec-
retary, in an appropriate district court of the United 
States, or the appropriate United States court of 
any territory or other place subject to the jurisdic-
tion of the United States, to request such court to 
compel compliance with the requirement of the sec-
tion that has been violated. 
‘‘(3) COSTS AND OTHER FINES.—An institution 
that is compelled to comply with a requirement of a 
section listed in paragraph (1) pursuant to para-
graph (2) shall— 
‘‘(A) pay to the Treasury of the United 
States the full costs to the United States of ob-
taining compliance with the requirement of such
section, including all associated costs of inves-
tigation and enforcement; and 
‘‘(B) be subject to the applicable fines de-
scribed in paragraph (4). 
‘‘(4) FINES FOR VIOLATIONS.—The Secretary 
shall impose a fine on an institution that knowingly 
or willfully fails to comply with a requirement of a 
section listed in paragraph (1) as follows: 
‘‘(A) SECTION 117.— 
‘‘(i) FIRST-TIME VIOLATIONS.—In the 
case of an institution that knowingly or 
willfully fails to comply with a requirement 
of section 117 with respect to a calendar 
year, and that has not previously know-
ingly or willfully failed to comply with such 
a requirement, the Secretary shall impose 
a fine on the institution for such violation 
as follows: 
‘‘(I) In the case of an institution 
that knowingly or willfully fails to 
comply with a reporting requirement 
under subsection (a)(1) of section 
117, such fine shall be in an amount 
that is—
‘‘(aa) not less than $50,000 
but not more than the monetary 
value of the gift from, or contract 
with, the foreign source; or 
‘‘(bb) in the case of a gift or 
contract of no value or of inde-
terminable value, not less than 1 
percent, and not more than 10 
percent of the total amount of 
Federal funds received by the in-
stitution under this Act for the 
most recent fiscal year. 
‘‘(II) In the case of an institution 
that knowingly or willfully fails to 
comply with the reporting requirement 
under subsection (a)(2) of section 
117, such fine shall be in an amount 
that is not less than 10 percent of the 
total amount of Federal funds re-
ceived by the institution under this 
Act for the most recent fiscal year. 
‘‘(ii) SUBSEQUENT
VIOLATIONS.—In 
the case of an institution that has been 
fined pursuant to clause (i) with respect to 
a calendar year, and that knowingly or
willfully fails to comply with a requirement 
of section 117 with respect to any addi-
tional calendar year, the Secretary shall 
impose a fine on the institution with re-
spect to any such additional calendar year 
as follows: 
‘‘(I) In the case of an institution 
that knowingly or willfully fails to 
comply with a reporting requirement 
under subsection (a)(1) of section 117 
with respect to an additional calendar 
year, such fine shall be in an amount 
that is— 
‘‘(aa) 
not 
less 
than 
$100,000 but not more than 
twice the monetary value of the 
gift from, or contract with, the 
foreign source; or 
‘‘(bb) in the case of a gift or 
contract of no value or of inde-
terminable value, not less than 1 
percent, but not more than 10 
percent, of the total amount of 
Federal funds received by the in-
stitution under this Act for the 
most recent fiscal year. 
‘‘(II) In the case of an institution 
that knowingly or willfully fails to 
comply with a reporting requirement 
under subsection (a)(2) of section 117 
with respect to an additional calendar 
year, such fine shall be in an amount 
that is not less than 20 percent of the 
total amount of Federal funds re-
ceived by the institution under this 
Act for the most recent fiscal year. 
‘‘(B) SECTION 117A.— 
‘‘(i) FIRST-TIME VIOLATIONS.—In the 
case of an institution that knowingly or 
willfully fails to comply with a requirement 
of section 117A for the first time, the Sec-
retary shall impose a fine on the institu-
tion in an amount that is not less than 5 
percent, but not more than 10 percent, of 
the total amount of Federal funds received 
by the institution under this Act for the 
most recent fiscal year. 
‘‘(ii) SUBSEQUENT
VIOLATIONS.—In 
the case of an institution that has been
fined pursuant to clause (i), the Secretary 
shall impose a fine on the institution for 
each subsequent time the institution know-
ingly or willfully fails to comply with a re-
quirement of section 117A in an amount 
that is not less than 20 percent of the total 
amount of Federal funds received by the 
institution under this Act for the most re-
cent fiscal year. 
‘‘(C) SECTION 117B.— 
‘‘(i) FIRST-TIME VIOLATIONS.—In the 
case of an institution that knowingly or 
willfully fails to comply with a requirement 
of section 117B with respect to a calendar 
year, and that has not previously know-
ingly or willfully failed to comply with such 
a requirement, the Secretary shall impose 
a fine on the institution of not less than 
$250,000, but not more than the total 
amount of gifts or contracts reported by 
such institution in the database required 
under section 117B(a)(2). 
‘‘(ii) SUBSEQUENT
VIOLATIONS.—In 
the case of an institution that has been 
fined pursuant to clause (i) with respect to
a calendar year, and that knowingly or 
willfully fails to comply with a requirement 
of section 117B with respect to any addi-
tional calendar year, the Secretary shall 
impose a fine on the institution with re-
spect to any such additional calendar year 
in an amount that is not less than 
$500,000, but not more than twice the 
total amount of gifts or contracts reported 
by such institution in the database re-
quired under section 117B(a)(2). 
‘‘(D) SECTION 117C.— 
‘‘(i) FIRST-TIME VIOLATIONS.—In the 
case of a specified institution that know-
ingly or willfully fails to comply with a re-
quirement of section 117C with respect to 
a calendar year, and that has not pre-
viously knowingly or willfully failed to com-
ply with such a requirement, the Secretary 
shall impose a fine on the institution in an 
amount that is not less than 50 percent 
and not more than 100 percent of the sum 
of— 
‘‘(I) the aggregate fair market 
value of all investments of concern
held by such institution as of the close 
of such calendar year; and 
‘‘(II) the combined value of all 
investments of concern sold over the 
course of such calendar year, as meas-
ured by the fair market value of such 
investments at the time of the sale. 
‘‘(ii) SUBSEQUENT
VIOLATIONS.—In 
the case of a specified institution that has 
been fined pursuant to clause (i) with re-
spect to a calendar year, and that know-
ingly or willfully fails to comply with a re-
quirement of section 117C with respect to 
any additional calendar year, the Secretary 
shall impose a fine on the institution with 
respect to any such additional calendar 
year in an amount that is not less than 
100 percent and not more than 200 per-
cent of the sum of— 
‘‘(I) the aggregate fair market 
value of all investments of concern 
held by such institution as of the close 
of such additional calendar year; and 
‘‘(II) the combined value of all 
investments of concern sold over the
course of such additional calendar 
year, as measured by the fair market 
value of such investments at the time 
of the sale. 
‘‘(E) INELIGIBILTY
FOR
WAIVER.——In 
the case of an institution that has been fined 
pursuant to subparagraph (A)(i), (B)(i) (C)(i), 
or (D)(i) with respect to a calendar year, and 
that knowingly or willfully fails to comply with 
a requirement of section 117, 117A, 117B, or 
117C with respect to any 2 additional calendar 
years, the Secretary shall prohibit the institu-
tion from obtaining a waiver, or a renewal of a 
waiver, under section 117A. 
‘‘(b) SINGLE POINT-OF-CONTACT AT THE DEPART-
MENT.—The Secretary shall maintain a single point-of- 
contact at the Department to— 
‘‘(1) receive and respond to inquiries and re-
quests for technical assistance from institutions re-
garding compliance with the requirements of sec-
tions 117, 117A, 117B, and 117C; 
‘‘(2) coordinate and implement technical im-
provements to the database described in section 
117(d)(1), including—
‘‘(A) improving upload functionality by al-
lowing for batch reporting, including by allow-
ing institutions to upload one file with all re-
quired information into the database; 
‘‘(B) publishing and maintaining a data-
base users guide annually, including informa-
tion on how to edit an entry and how to report 
errors; 
‘‘(C) creating a standing user group (to 
which chapter 10 of title 5, United States Code, 
shall not apply) to discuss possible database im-
provements, which group shall— 
‘‘(i) include at least— 
‘‘(I) 3 members representing 
public institutions with high or very 
high levels of research activity (as de-
fined by the National Center for Edu-
cation Statistics); 
‘‘(II) 2 members representing 
private, nonprofit institutions with 
high or very high levels of research 
activity (as so defined); 
‘‘(III) 2 members representing 
proprietary institutions of higher edu-
cation (as defined in section 102(b)); 
and 
‘‘(IV) 2 members representing 
area career and technical education 
schools (as defined in subparagraph 
(C) or (D) of section 3(3) of the Carl 
D. Perkins Career and Technical 
Education Act of 2006 (20 U.S.C. 
2302(3)); and 
‘‘(ii) meet at least twice a year with 
officials from the Department to discuss 
possible database improvements; 
‘‘(D) publishing, on a publicly available 
website, recommended database improvements 
following each meeting described in subpara-
graph (C)(ii); and 
‘‘(E) responding, on a publicly available 
website, to each recommendation published 
under subparagraph (D) as to whether or not 
the Department will implement the rec-
ommendation, including the rationale for either 
approving or rejecting the recommendation; 
‘‘(3) provide, every 90 days after the date of en-
actment of the DETERRENT Act, status updates
on any pending or completed investigations and civil 
actions under subsection (a)(1) to— 
‘‘(A) the authorizing committees; and 
‘‘(B) any institution that is the subject of 
such investigation or action; 
‘‘(4) 
maintain, 
on 
a 
publicly 
accessible 
website— 
‘‘(A) a full comprehensive list of all foreign 
countries of concern and foreign entities of con-
cern; and 
‘‘(B) the date on which the last update was 
made to such list; and 
‘‘(5) not later than 7 days after making an up-
date to the list maintained in paragraph (4)(A), no-
tify each institution required to comply with the sec-
tions listed in paragraph (1) of such update. 
‘‘(c) DEFINITIONS.—For purposes of sections 117, 
117A, 117B, 117C, and 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-
tion described in subsection (a)(1)(c) of such sec-
tion).’’. 
(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 sections 117, 117A, 117B, and 117C.
‘‘(B) An institution that, for 3 consecutive in-
stitutional fiscal years, violates any requirement of 
any of the sections listed in subparagraph (A), 
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 each such section for 
not less than 2 institutional fiscal years after 
the institutional fiscal year in which such insti-
tution became ineligible.’’. 
(c) GAO STUDY AND REPORT.— 
(1) STUDY.—Not later than 180 days after the 
date of enactment of this Act, the Comptroller Gen-
eral of the United States shall initiate a study to 
identify ways to improve intergovernmental agency 
coordination regarding implementation and enforce-
ment of sections 117, 117A, 117B, and 117C of the 
Higher Education Act of 1965 (20 U.S.C. 1011f), 
as amended or added by this Act, including increas-
ing information sharing, increasing compliance rates, 
and establishing processes for enforcement.
(2) REPORT.—Not later than 3 years after the 
date of enactment of this Act, the Comptroller Gen-
eral of the United States shall submit to Congress, 
and make public, a report containing the results of 
the study described in paragraph (1). 
Passed the House of Representatives December 6, 
2023. 
Attest: 
Clerk.
118TH CONGRESS 
1ST SESSION 
H. R. 5933 
AN ACT 
To amend the Higher Education Act of 1965 to re-
quire additional information in disclosures of for-
eign gifts and contracts from foreign sources, re-
strict contracts with certain foreign entities and 
foreign countries of concern, require certain staff 
and faculty to report foreign gifts and contracts, 
and require disclosure of certain foreign invest-
ments within endowments.