RIFA Act

The Reporting on Investments in Foreign Adversaries Act (RIFA Act) would require private colleges and universities meeting certain thresholds to report their investments in countries and entities designated as foreign adversaries. Specifically, the bill would apply to private institutions with either more than $6 billion in assets or more than $250 million in investments of concern. These institutions would need to file annual disclosure reports with the Department of Education whenever they purchase, sell, or hold investments related to foreign countries of concern such as North Korea, China, Russia, or Iran, or foreign entities designated as terrorist organizations.

If enacted, the bill would require the Department of Education to create a publicly searchable database containing these disclosure reports, making investment information transparent to the public. The legislation also establishes an enforcement mechanism, authorizing the Department of Education to investigate violations and impose penalties, potentially including loss of eligibility for federal student financial aid. Currently, the bill has been introduced in the House and referred to committee for consideration, but has not yet been voted on by the full chamber.