I 
118TH CONGRESS 
1ST SESSION H. R. 4405 
To amend the Higher Education Act of 1965 to require annual reporting 
on assets of institutions of higher education. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 30, 2023 
Mr. CLEAVER introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Edu-
cation and the Workforce, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in the jurisdiction of the committee concerned 
A BILL 
To amend the Higher Education Act of 1965 to require 
annual reporting on assets of institutions of higher education. 
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 ‘‘Endowment Trans-
parency Act’’. 
SEC. 2. REPORTING ON ASSETS OF INSTITUTIONS OF HIGH-
ER EDUCATION. 
(a) CONSUMER INFORMATION.— 
VerDate Sep 11 2014 
20:07 Jul 25, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4405.IH
H4405
pbinns on DSKJLVW7X2PROD with $$_JOB
(1) ASSET REPORTING.—Section 132(i) of the 
Higher 
Education 
Act 
of 
1965 
(20 
U.S.C. 
1015a(i)(1)) is amended— 
(A) 
by 
redesignating 
paragraphs 
(2) 
through (6) as paragraphs (3) through (7); and 
(B) by adding after paragraph (1) the fol-
lowing: 
‘‘(2) ASSETS.— 
‘‘(A) IN
GENERAL.—Not later than one 
year after the date of enactment of the Endow-
ment Transparency Act, the Secretary shall 
make publicly available on the College Navi-
gator website, in simple and understandable 
terms, the following information about each in-
stitution of higher education that participates 
in programs under title IV, for the most recent 
academic year for which satisfactory data are 
available: 
‘‘(i) The total assets of the institution 
that are managed— 
‘‘(I) by an investment adviser, 
disaggregated by asset class; and 
‘‘(II) by a minority- or women- 
owned 
investment 
adviser, 
VerDate Sep 11 2014 
20:07 Jul 25, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4405.IH
H4405
pbinns on DSKJLVW7X2PROD with $$_JOB
disaggregated by asset class and race 
of the investment adviser. 
‘‘(ii) With respect to investment advis-
ers employed by the institution, the num-
ber 
of 
those 
investment 
advisers, 
disaggregated by gender and race. 
‘‘(iii) The percent of bond issuances 
by the institution that are underwritten by 
minority- or women-owned asset manage-
ment firms. 
‘‘(B) DEFINITIONS.—In this paragraph— 
‘‘(i) the term ‘investment adviser’ has 
the meaning given the term in section 
202(a) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–2(a)); 
‘‘(ii) the term ‘minority’ has the 
meaning given the term under section 
308(b) of the Financial Institutions Re-
form, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1463 note); and 
‘‘(iii) the term ‘minority- or women- 
owned’, when used with respect to an in-
vestment adviser or an asset management 
firm, means an investment adviser or an 
asset management firm that— 
VerDate Sep 11 2014 
20:07 Jul 25, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4405.IH
H4405
pbinns on DSKJLVW7X2PROD with $$_JOB