I 
118TH CONGRESS 
1ST SESSION H. R. 5933 
To amend the Higher Education Act of 1965 to require additional information 
in disclosures of foreign gifts and contracts from foreign sources, restrict 
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 investments within endowments. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 11, 2023 
Mrs. STEEL (for herself, Ms. FOXX, Mr. OWENS, Mr. WILSON of South Caro-
lina, Mr. THOMPSON of Pennsylvania, Mr. GROTHMAN, Ms. STEFANIK, 
Mr. SMUCKER, Mrs. MCCLAIN, Ms. LETLOW, Mr. WILLIAMS of New 
York, Mrs. HOUCHIN, Mr. ESTES, and Mr. WALBERG) introduced the fol-
lowing bill 
OCTOBER 25, 2023 
Referred to the Committee on Education and the Workforce 
A BILL 
To amend the Higher Education Act of 1965 to require 
additional information in disclosures of foreign gifts and 
contracts from foreign sources, restrict 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 
investments within endowments. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Defending Education 
Transparency and Ending Rogue Regimes Engaging in 
Nefarious Transactions Act’’ or the ‘‘DETERRENT 
Act’’. 
SEC. 2. DISCLOSURES OF FOREIGN GIFTS. 
(a) IN GENERAL.—Section 117 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1011f) is amended to read 
as follows: 
‘‘SEC. 117. DISCLOSURES OF FOREIGN GIFTS. 
‘‘(a) DISCLOSURE REPORTS.— 
‘‘(1) AGGREGATE GIFTS AND CONTRACT DIS-
CLOSURES.—An institution shall file a disclosure re-
port in accordance with subsection (b)(1) with the 
Secretary on July 1 of the calendar year imme-
diately following any calendar year in which— 
‘‘(A) the institution receives a gift from, or 
enters into a contract with, a foreign source 
(other than a foreign country of concern or for-
eign entity of concern)— 
‘‘(i) the value of which is $50,000 or 
more, considered alone or in combination 
with all other gifts from, or contracts with, 
that foreign source within the calendar 
year; or 
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‘‘(ii) the value of which is undeter-
mined; or 
‘‘(B) the institution receives a gift from a 
foreign country of concern or foreign entity of 
concern, or, upon receiving a waiver under sec-
tion 117A to enter into a contract with such a 
country or entity, enters into such contract, 
without regard to the value of such gift or con-
tract. 
‘‘(2) FOREIGN
SOURCE
OWNERSHIP
OR
CON-
TROL DISCLOSURES.—In the case of an institution 
that is substantially controlled (as described in sec-
tion 668.174(c)(3) of title 34, Code of Federal Reg-
ulations) by a foreign source, the institution shall 
file a disclosure report in accordance with subsection 
(b)(2) with the Secretary on July 1 of each year. 
‘‘(3) TREATMENT OF AFFILIATED ENTITIES.— 
For purposes of this section, any gift to, or contract 
with, an affiliated entity of an institution shall be 
considered a gift to or contract with, respectively, 
such institution. 
‘‘(b) CONTENTS OF REPORT.— 
‘‘(1) GIFTS AND CONTRACTS.—Each report to 
the Secretary required under subsection (a)(1) shall 
contain the following: 
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‘‘(A) With respect to a gift received from, 
or a contract entered into with, any foreign 
source— 
‘‘(i) the terms of such gift or contract, 
including— 
‘‘(I) the name of the individual, 
department, or benefactor at the insti-
tution receiving the gift or carrying 
out the contract; 
‘‘(II) the intended purpose of 
such gift or contract, as provided to 
the institution by such foreign govern-
ment, or if no such purpose is pro-
vided by such government, the in-
tended use of such gift or contract, as 
provided by the institution; and 
‘‘(III) in the case of a restricted 
or conditional gift or contract, a de-
scription of the restrictions or condi-
tions of such gift or contract; 
‘‘(ii) with respect to a gift— 
‘‘(I) the total fair market dollar 
amount or value of the gift, as of the 
date of submission of such report; and 
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‘‘(II) the date on which the insti-
tution received such gift; 
‘‘(iii) with respect to a contract— 
‘‘(I) the date on which such con-
tract commences; 
‘‘(II) as applicable, the date on 
which such contract terminates; and 
‘‘(III) an assurance that the in-
stitution will— 
‘‘(aa) 
maintain 
an 
unredacted copy of the contract 
until the latest of— 
‘‘(AA) the date that is 
4 years after the date on 
which the contract com-
mences; 
‘‘(BB) 
the 
date 
on 
which the contract termi-
nates; or 
‘‘(CC) the last day of 
any period that applicable 
State law requires a copy of 
such contract to be main-
tained; and 
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‘‘(bb) upon request of the 
Secretary during an investigation 
under subsection (f)(1), produce 
such a copy of the contract; and 
‘‘(iv) an assurance that in a case in 
which information is required to be dis-
closed under this section with respect to a 
gift or contract that is not in English, such 
information is translated into English in 
compliance with the requirements of sub-
section (c)(1). 
‘‘(B) With respect to a gift received from, 
or a contract entered into with, a foreign source 
that is a foreign government (other than the 
government of a foreign country of concern)— 
‘‘(i) the name of such foreign govern-
ment; 
‘‘(ii) the department, agency, office, 
or division of such foreign government that 
approved such gift or contract, as applica-
ble; and 
‘‘(iii) the physical mailing address of 
such department, agency, office, or divi-
sion. 
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‘‘(C) With respect to a gift received from, 
or contract entered into with, a foreign source 
(other than a foreign government subject to the 
requirements of subparagraph (B))— 
‘‘(i) the legal name of the foreign 
source, or, if such name is not available, a 
statement certified by the compliance offi-
cer in accordance with subsection (f)(2) 
that the institution has reasonably at-
tempted to obtain such name; 
‘‘(ii) in the case of a foreign source 
that is a natural person, the country of 
citizenship of such person, or, if such coun-
try is not known, the principal country of 
residence of such person; 
‘‘(iii) in the case of a foreign source 
that is a legal entity, the country in which 
such entity is incorporated, or if such in-
formation is not available, the principal 
place of business of such entity; and 
‘‘(iv) the physical mailing address of 
such foreign source, or if such address is 
not available, a statement certified by the 
compliance officer in accordance with sub-
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section (f)(2) that the institution has rea-
sonably attempted to obtain such address. 
‘‘(D) With respect to a contract entered 
into with a foreign source that is a foreign 
country of concern or a foreign entity of con-
cern— 
‘‘(i) a complete and unredacted text of 
the original contract, and if such original 
contract is not in English, a translated 
copy of the text into English; 
‘‘(ii) a copy of the waiver received 
under section 117A for such contract; and 
‘‘(iii) the statement submitted by the 
institution for purposes of receiving such a 
waiver under section 117A(b)(1). 
‘‘(2) FOREIGN
SOURCE
OWNERSHIP
OR
CON-
TROL.—Each report to the Secretary required under 
subsection (a)(2) shall contain— 
‘‘(A) the legal name and address of the 
foreign source that owns or controls the institu-
tion; 
‘‘(B) the date on which the foreign source 
assumed ownership or control; and 
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‘‘(C) any changes in program or structure 
resulting from the change in ownership or con-
trol. 
‘‘(c) TRANSLATION REQUIREMENTS.—Any informa-
tion required to be disclosed under this section with re-
spect to a gift or contract that is not in English shall be 
translated, for purposes of such disclosure, by a person 
that is not an affiliated entity or agent of the foreign 
source involved with such gift or contract. 
‘‘(d) PUBLIC INSPECTION.— 
‘‘(1) DATABASE REQUIREMENT.—Beginning not 
later than 60 days before the July 1 immediately fol-
lowing the date of the enactment of the DETER-
RENT Act, the Secretary shall— 
‘‘(A) establish and maintain a searchable 
database on a website of the Department, under 
which all reports submitted under this section 
(including any report submitted under this sec-
tion before the date of the enactment of the 
DETERRENT Act)— 
‘‘(i) are made publicly available (in 
electronic and downloadable format), in-
cluding any information provided in such 
reports (other than the information prohib-
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ited from being publicly disclosed pursuant 
to paragraph (2)); 
‘‘(ii) can be individually identified and 
compared; and 
‘‘(iii) are searchable and sortable— 
‘‘(I) by the date the institution 
filed such report; 
‘‘(II) by the date on which the in-
stitution received the gift, or entered 
into the contract, which is the subject 
of the report; and 
‘‘(III) by the attributable country 
of such gift or contract; 
‘‘(B) not later than 30 days after receipt 
of a disclosure report under this section, include 
such report in such database; 
‘‘(C) indicate, as part of the public record 
of a report included in such database, whether 
the report is with respect to a gift received 
from, or a contract entered into with— 
‘‘(i) a foreign source that is a foreign 
government; or 
‘‘(ii) a foreign source that is not a for-
eign government; and 
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‘‘(D) with respect to a disclosure report 
that does not include the name or address of a 
foreign source, indicate, as part of the public 
record of such report included in such database, 
that such report did not include such informa-
tion. 
‘‘(2) 
NAME
AND
ADDRESS
OF
FOREIGN 
SOURCE.—The Secretary shall not disclose the name 
or address of a foreign source (other than the attrib-
utable country of such foreign source) included in a 
disclosure report— 
‘‘(A) as part of the public record of such 
disclosure report described in paragraph (1); or 
‘‘(B) in response to a request under sec-
tion 552 of title 5, United States Code (com-
monly known as the ‘Freedom of Information 
Act’), pursuant to subsection (b)(3) of such sec-
tion. 
‘‘(e) INTERAGENCY INFORMATION SHARING.—Not 
later than 30 days after receiving a disclosure report from 
an institution in compliance with this section, the Sec-
retary shall transmit an unredacted copy of such report 
(that includes the name and address of a foreign source 
disclosed in such report) to the Director of the Federal 
Bureau of Investigation, the Director of National Intel-
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ligence, the Assistant Attorney General for National Secu-
rity, the Director of the Central Intelligence Agency, and 
the Director of the National Science Foundation. 
‘‘(f) COMPLIANCE OFFICER.—Any institution that is 
required to file a disclosure report under subsection (a) 
shall designate, before the filing deadline for such report, 
and maintain a compliance officer, who shall— 
‘‘(1) be a current employee or legally authorized 
agent of such institution; and 
‘‘(2) be responsible, on behalf of the institution, 
for personally certifying accurate compliance with 
the foreign gift reporting requirement under this 
section. 
‘‘(g) DEFINITIONS.—In this section: 
‘‘(1) AFFILIATED ENTITY.—The term ‘affiliated 
entity’, when used with respect to an institution, 
means an entity or organization that operates pri-
marily for the benefit of, or under the auspices of, 
such institution, including a foundation of the insti-
tution or a related entity (such as any educational, 
cultural, or language entity). 
‘‘(2) ATTRIBUTABLE COUNTRY.—The term ‘at-
tributable country’ means— 
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‘‘(A) the country of citizenship or principal 
residence (as applicable) of a foreign source 
who is a natural person; or 
‘‘(B) the country of incorporation, or prin-
cipal place of business (as applicable) of a for-
eign source that is a legal entity. 
‘‘(3) CONTRACT.—The term ‘contract’— 
‘‘(A) means— 
‘‘(i) any agreement for the acquisition 
by purchase, lease, or barter of property or 
services by the foreign source, for the di-
rect benefit or use of either of the parties; 
‘‘(ii) any affiliation, agreement, or 
similar transaction with a foreign source 
that is based on the use or exchange of an 
institution’s name, likeness, time, services, 
or resources; and 
‘‘(iii) any agreement for the acquisi-
tion by purchase, lease, or barter, of prop-
erty or services from a foreign source 
(other than an arms-length agreement for 
such acquisition from a foreign source that 
is not a foreign country of concern or a 
foreign entity of concern); and 
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‘‘(B) does not include an agreement made 
between an institution and a foreign source re-
garding any payment of one or more elements 
of a student’s cost of attendance (as such term 
is defined in section 472), unless such an agree-
ment is made for more than 15 students or is 
made under a restricted or conditional contract. 
‘‘(4) FOREIGN
SOURCE.—The term ‘foreign 
source’ means— 
‘‘(A) a foreign government, including an 
agency of a foreign government; 
‘‘(B) a legal entity, governmental or other-
wise, created under the laws of a foreign state 
or states; 
‘‘(C) a natural person who is not a citizen 
or a national of the United States or a trust 
territory or protectorate thereof; and 
‘‘(D) an agent, including— 
‘‘(i) a subsidiary or affiliate of a for-
eign legal entity, acting on behalf of a for-
eign source; and 
‘‘(ii) an entity or organization that op-
erates primarily for the benefit of, or 
under the auspices of, a foreign legal enti-
ty, including a foundation or a related en-
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tity (such as any educational, cultural, or 
language entity). 
‘‘(5) GIFT.—The term ‘gift’— 
‘‘(A) means any gift of money, property, 
resources, staff, or services; and 
‘‘(B) does not include— 
‘‘(i) any payment of one or more ele-
ments of a student’s cost of attendance (as 
such term is defined in section 472) to an 
institution by, or scholarship from, a for-
eign source who is a natural person, acting 
in their individual capacity and not as an 
agent for, at the request or direction of, or 
on behalf of, any person or entity (except 
the student), made for not more than 15 
students, and that is not made under a re-
stricted or conditional contract with such 
foreign source; 
‘‘(ii) assignment or license of reg-
istered industrial and intellectual property 
rights, such as patents, utility models, 
trademarks, or copyrights, or technical as-
sistance, that are not identified as being 
associated with a national security risk or 
concern by the Federal Research Security 
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Council as described under section 7902 of 
title 31, United States Code; or 
‘‘(iii) decorations (as such term is de-
fined in section 7342(a) of title 5, United 
States Code). 
‘‘(6) RESTRICTED
OR
CONDITIONAL
GIFT
OR 
CONTRACT.—The term ‘restricted or conditional gift 
or contract’ means any endowment, gift, grant, con-
tract, award, present, or property of any kind which 
includes provisions regarding— 
‘‘(A) the employment, assignment, or ter-
mination of faculty; 
‘‘(B) the establishment of departments, 
centers, institutes, instructional programs, re-
search or lecture programs, or new faculty posi-
tions; 
‘‘(C) the selection, admission, or education 
of students; 
‘‘(D) the award of grants, loans, scholar-
ships, fellowships, or other forms of financial 
aid restricted to students of a specified country, 
religion, sex, ethnic origin, or political opinion; 
or 
‘‘(E) any other restriction on the use of a 
gift or contract.’’. 
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(b) PROHIBITION
ON CONTRACTS WITH CERTAIN 
FOREIGN ENTITIES AND COUNTRIES.—Part B of title I 
of the Higher Education Act of 1965 (20 U.S.C. 1011 
et seq.) is amended by inserting after section 117 the fol-
lowing: 
‘‘SEC. 117A. PROHIBITION ON CONTRACTS WITH CERTAIN 
FOREIGN ENTITIES AND COUNTRIES. 
‘‘(a) IN GENERAL.—An institution shall not enter 
into a contract with a foreign country of concern or a for-
eign entity of concern. 
‘‘(b) WAIVERS.— 
‘‘(1) SUBMISSION.— 
‘‘(A) FIRST WAIVER REQUESTS.— 
‘‘(i) IN
GENERAL.—An institution 
that desires to enter into a contract with 
a foreign entity of concern or a foreign 
country of concern may submit to the Sec-
retary, not later than 60 days before the 
institution enters into such a contract, a 
request to waive the prohibition under sub-
section (a) with respect to such contract. 
‘‘(ii) CONTENTS
OF
WAIVER
RE-
QUEST.—A waiver request submitted by an 
institution under clause (i) shall include— 
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‘‘(I) the complete and unredacted 
text of the proposed contract for 
which the waiver is being requested, 
and if such original contract is not in 
English, a translated copy of the text 
into English (in a manner that com-
plies with section 117(c)); and 
‘‘(II) a statement that— 
‘‘(aa) is signed by the point 
of contact of the institution de-
scribed in section 117(h); and 
‘‘(bb) includes information 
that demonstrates that such con-
tract is for the benefit of the in-
stitution’s mission and students 
and will promote the security, 
stability, and economic vitality of 
the United States. 
‘‘(B) RENEWAL WAIVER REQUESTS.— 
‘‘(i) IN
GENERAL.—An institution 
that has entered into a contract pursuant 
to a waiver issued under this section, the 
term of which is longer than the 1-year 
waiver period and the terms and conditions 
of which remain the same as the proposed 
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contract submitted as part of the request 
for such waiver may submit, not later than 
60 days before the expiration of such waiv-
er period, a request for a renewal of such 
waiver for an additional 1-year period 
(which shall include any information re-
quested by the Secretary). 
‘‘(ii) TERMINATION.—If the institu-
tion fails to submit a request under clause 
(i) or is not granted a renewal under such 
clause, such institution shall terminate 
such contract on the last day of the origi-
nal 1-year waiver period. 
‘‘(2) WAIVER ISSUANCE.—The Secretary— 
‘‘(A) not later than 60 days after receiving 
a request for a waiver or renewal of a waiver 
under this section from an institution, shall no-
tify the institution— 
‘‘(i) if the waiver or renewal will be 
issued by the Secretary; and 
‘‘(ii) in a case in which the waiver or 
renewal will be issued, the date on which 
the 1-year waiver period starts; and 
‘‘(B) may only issue a waiver under this 
section to an institution if the Secretary deter-
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mines, in consultation with the Director of the 
Federal Bureau of Investigation, the Director 
of National Intelligence, the Assistant Attorney 
General for National Security, the Director of 
the Central Intelligence Agency, and the Direc-
tor of the National Science Foundation, that 
the contract for which the waiver is being re-
quested is for the benefit of the institution’s 
mission and students and will promote the secu-
rity, stability, and economic vitality of the 
United States. 
‘‘(3) DISCLOSURE.—Not less than 2 weeks 
prior to issuing a waiver under paragraph (2), the 
Secretary shall notify the— 
‘‘(A) the Committee on Education and the 
Workforce of the House of Representatives; and 
‘‘(B) the Committee on Health, Education, 
Labor, and Pensions of the Senate, 
of the intent to issue the waiver, including a jus-
tification for the waiver. 
‘‘(4) APPLICATION
OF
WAIVERS.—A waiver 
issued under this section to an institution with re-
spect to a contract shall only— 
‘‘(A) waive the prohibition under sub-
section (a) for a 1-year period; and 
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‘‘(B) apply to the terms and conditions of 
the proposed contract submitted as part of the 
request for such waiver. 
‘‘(c) DESIGNATION DURING CONTRACT TERM.—In 
the case of an institution that enters into a contract with 
a foreign source that is not a foreign country of concern 
or a foreign entity of concern but which, during the term 
of such contract, is designated as a foreign country of con-
cern or foreign entity of concern, such institution shall ter-
minate such contract not later than 60 days after the Sec-
retary notifies the institution of such designation. 
‘‘(d) CONTRACT DEFINED.—The term ‘contract’ has 
the meaning given such term in section 117(g).’’. 
(c) INTERAGENCY
INFORMATION
SHARING.—Not 
later than 90 days after the date of the enactment of this 
Act, the Secretary of Education shall transmit to the Di-
rector of the Federal Bureau of Investigation, the Director 
of National Intelligence, the Assistant Attorney General 
for National Security, the Director of the Central Intel-
ligence Agency, and the Director of the National Science 
Foundation— 
(1) any report received by the Department of 
Education under section 117 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1011f) prior to the 
date of the enactment of this Act; and 
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(2) any report, document, or other record gen-
erated by the Department of Education in the 
course of an investigation— 
(A) of an institution with respect to the 
compliance of such institution with such sec-
tion; and 
(B) initiated prior to the date of the enact-
ment of this Act. 
SEC. 3. POLICY REGARDING CONFLICTS OF INTEREST 
FROM FOREIGN GIFTS AND CONTRACTS. 
The Higher Education Act of 1965 (20 U.S.C. 1001 
et seq.), as amended by section 2 of this Act, is further 
amended by inserting after section 117A the following: 
‘‘SEC. 117B. INSTITUTIONAL POLICY REGARDING FOREIGN 
GIFTS AND CONTRACTS TO FACULTY AND 
STAFF. 
‘‘(a) REQUIREMENT
TO
MAINTAIN
POLICY
AND 
DATABASE.—Beginning not later than 90 days after the 
date of the enactment of the DETERRENT Act, each in-
stitution described in subsection (b) shall maintain— 
‘‘(1) a policy requiring faculty, professional 
staff, and other staff engaged in research and devel-
opment (as determined by the institution and meas-
ured by the Higher Education Research and Devel-
opment Survey of the National Center for Science 
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and Engineering Statistics) employed at the institu-
tion to disclose in a report to such institution on 
July 1 of each calendar year that begins after the 
year in which such enactment date occurs— 
‘‘(A) any gift received from a foreign 
source in the previous calendar year, the value 
of which is greater than the minimal value (as 
such term is defined in section 7342(a) of title 
5, United States Code) or is of undetermined 
value, and including the date on which the gift 
was received; 
‘‘(B) any contract entered into with a for-
eign source in the previous calendar year, the 
value of which is $5,000 or more, considered 
alone or in combination with all other contracts 
with that foreign source within the calendar 
year, and including the date on which such con-
tract commences and, as applicable, the date on 
which such contract terminates; 
‘‘(C) any contract with a foreign source in 
force during the previous calendar year that has 
an undetermined monetary value, and including 
the date on which such contract commences 
and, as applicable, the date on which such con-
tract terminates; and 
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‘‘(D) any contract entered into with a for-
eign country of concern or foreign entity of con-
cern in the previous calendar year, the value of 
which is $0 or more, and including the begin-
ning and ending dates of such contract and the 
full text of such contract and any addenda; 
‘‘(2) a publicly available and searchable data-
base (in electronic and downloadable format), on a 
website of the institution, of the information re-
quired to be disclosed under paragraph (1), sortable 
and searchable by the date received (if a gift) or the 
date commenced (if a contract), the attributable 
country with respect to which information is being 
disclosed, and name of the individual making the 
disclosure, and until the latest of— 
‘‘(A) the date that is 4 years after the date 
on which— 
‘‘(i) a gift referred to in paragraph 
(1)(A) is received; or 
‘‘(ii) a contract referred to in sub-
paragraph (B), (C) or (D) of paragraph 
(1) begins; or 
‘‘(B) the date on which a contract referred 
to in subparagraph (B), (C) or (D) of para-
graph (1) terminates; and 
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‘‘(3) a plan effectively to identify and manage 
potential information gathering by foreign sources 
through espionage targeting faculty, professional 
staff, and other staff engaged in research and devel-
opment (as determined by the institution and meas-
ured by the Higher Education Research and Devel-
opment Survey of the National Center for Science 
and Engineering Statistics) that may arise from 
gifts received from, or contracts entered into with, a 
foreign source, including through the use of— 
‘‘(A) periodic communications; 
‘‘(B) accurate reporting under paragraph 
(2) of the information required to be disclosed 
under paragraph (1); and 
‘‘(C) enforcement of the policy described in 
paragraph (1). 
‘‘(b) INSTITUTIONS.—An institution shall be subject 
to the requirements of this section if such institution— 
‘‘(1) is an eligible institution for the purposes 
of any program authorized under title IV; and 
‘‘(2)(A) received more than $50,000,000 in 
Federal funds in any of the previous five calendar 
years to support (in whole or in part) research and 
development (as determined by the institution and 
measured by the Higher Education Research and 
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Development Survey of the National Center for 
Science and Engineering Statistics); or 
‘‘(B) receives funds under title VI. 
‘‘(c) DEFINITIONS.—In this section— 
‘‘(1) the terms ‘foreign source’ and ‘gift’ have 
the meanings given such terms in section 117(g); 
‘‘(2) the term ‘contract’— 
‘‘(A) means any— 
‘‘(i) agreement for the acquisition, by 
purchase, lease, or barter, of property or 
services by a foreign source for the direct 
benefit or use of any of the parties to the 
agreement; 
‘‘(ii) affiliation, agreement, or similar 
transaction with a foreign source based on 
the use or exchange of the name, likeness, 
time, services, or resources of faculty, pro-
fessional staff, or other staff engaged in 
research and development (as determined 
by the institution and measured by the 
Higher Education Research and Develop-
ment Survey of the National Center for 
Science and Engineering Statistics) em-
ployed at an institution described in sub-
section (b); or 
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‘‘(iii) purchase, lease, or barter of 
property or services from a foreign source 
that is a foreign country of concern or a 
foreign entity of concern; and 
‘‘(B) does not include any fair-market, 
arms-length agreement made by faculty, profes-
sional staff, and other staff engaged in research 
and development (as determined by the institu-
tion and measured by the Higher Education 
Research and Development Survey of the Na-
tional Center for Science and Engineering Sta-
tistics) for the acquisition, by purchase, lease, 
or barter of property or services from a foreign 
source other than such a foreign source that is 
a foreign country of concern or a foreign entity 
of concern; and 
‘‘(3) the term ‘professional staff’ means profes-
sional employees, as defined in section 3 of the Fair 
Labor Standards Act of 1938 (29 U.S.C. 203).’’. 
SEC. 4. INVESTMENT DISCLOSURE REPORT. 
The Higher Education Act of 1965 (20 U.S.C. 1001 
et seq.), as amended by section 3 of this Act, is further 
amended by inserting after section 117B the following: 
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‘‘SEC. 117C. INVESTMENT DISCLOSURE REPORT. 
‘‘(a) INVESTMENT DISCLOSURE REPORT.—A speci-
fied institution shall file a disclosure report in accordance 
with subsection (b) with the Secretary on July 1 imme-
diately following any calendar year in which the specified 
institution purchases, sells, or holds (directly or indirectly 
through any chain of ownership) one or more investments 
of concern. 
‘‘(b) CONTENTS OF REPORT.—Each report to the 
Secretary required by subsection (a) with respect to any 
calendar year shall contain the following: 
‘‘(1) A list of the investments of concern pur-
chased, sold, or held during such calendar year. 
‘‘(2) The aggregate fair market value of all in-
vestments of concern held as of the close of such cal-
endar year. 
‘‘(3) The combined value of all investments of 
concern sold over the course of such calendar year, 
as measured by the fair market value of such invest-
ments at the time of the sale. 
‘‘(4) The combined value of all capital gains 
from such sales of investments of concern. 
‘‘(c) INCLUSION OF CERTAIN POOLED FUNDS.— 
‘‘(1) IN GENERAL.—An investment of concern 
acquired through a regulated investment company, 
exchange traded fund, or any other pooled invest-
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ment shall be treated as acquired through a chain of 
ownership referred to in subsection (a), unless such 
pooled investment is certified by the Secretary as 
not holding any listed investments in accordance 
with subparagraph (B) of paragraph (2). 
‘‘(2) CERTIFICATIONS
OF
POOLED
FUNDS.— 
The Secretary, after consultation with the Secretary 
of the Treasury, shall establish procedures under 
which certain regulated investment companies, ex-
change traded funds, and other pooled invest-
ments— 
‘‘(A) shall be reported in accordance with 
the requirements under subsection (b); and 
‘‘(B) may be certified by the Secretary as 
not holding any listed investments. 
‘‘(d) TREATMENT OF RELATED ORGANIZATIONS.— 
For purposes of this section, assets held by any related 
organization (as defined in section 4968(d)(2) of the In-
ternal Revenue Code of 1986) with respect to a specified 
institution shall be treated as held by such specified insti-
tution, except that— 
‘‘(1) such assets shall not be taken into account 
with respect to more than 1 specified institution; 
and 
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‘‘(2) unless such organization is controlled by 
such institution or is described in section 509(a)(3) 
of the Internal Revenue Code of 1986 with respect 
to such institution, assets which are not intended or 
available for the use or benefit of such specified in-
stitution shall not be taken into account. 
‘‘(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; 
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‘‘(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.—Not later than 30 days after re-
ceipt of a disclosure report under this section, the Sec-
retary shall include such report in the database established 
under section 117(d)(1)(A). 
‘‘(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; 
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‘‘(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 
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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) 
may conduct investigations of possible violations of 
sections 117, 117A, 117B, and 117C by institutions. 
‘‘(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 may be brought 
by the Attorney General, at the request of the Sec-
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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 
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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. 
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‘‘(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 
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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. 
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‘‘(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 
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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.— 
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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. 
‘‘(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; 
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‘‘(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; 
‘‘(B) publishing and maintaining a data-
base users guide annually, including areas such 
as how to edit an entry and how to report er-
rors; and 
‘‘(C) creating a user group (to which chap-
ter 10 of title 5, United States Code, shall not 
apply) to discuss possible database improve-
ments; 
‘‘(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 
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‘‘(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 
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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 
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the institutional fiscal year in which such insti-
tution became ineligible.’’. 
(c) GAO STUDY.—Not later than one year after the 
date of the enactment of this Act, the Comptroller General 
of the United States— 
(1) shall conduct a study to identify ways to 
improve intergovernmental agency coordination re-
garding implementation and enforcement of sections 
117, 117A, 117B, and 117C of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1011f), as amended 
or added by this Act, including increasing informa-
tion sharing and establishing processes for enforce-
ment; and 
(2) shall submit to the Congress, and make 
public, a report containing the results of such study. 
Æ 
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23:31 Nov 06, 2023
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