Sec. 7. Amendments to disclosures of foreign gifts
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Section 117 of the Higher Education Act of 1965 ( 20 U.S.C. 1011f ) is amended— by amending subsection
(a)to read as follows: An institution shall file a disclosure report with the Secretary not later than the sooner of the first March 31 or September 30 occurring after the date on which— a foreign source gains ownership of, or control over, the institution; or the institution receives a gift from, or enters into a contract with, a foreign source, 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 a calendar year. The Secretary shall permit institutions to revise and update disclosure reports previously filed to ensure that such reports are accurate and in compliance with applicable requirements. ; by amending subsection
(e)to read as follows: Not later than 30 days after receiving a disclosure report under this section, the Secretary shall make such report electronically available to the public for downloading on a searchable database under which institutions can be individually identified and compared. ; in subsection (f), by adding at the end the following: The Secretary shall issue a warning to any institution that fails to file a disclosure report for a receipt of a gift from or contract with a foreign source. The Secretary may impose a fine on any institution that repeatedly fails to file a disclosure report for a receipt of a gift from or contract with a foreign source in accordance with subsection
(a)in an amount that is not more than 3 times the amount of the gift or contract with the foreign source. ; by amending subsection
(g)to read as follows: Not later than 1 year after the date of enactment of the Safeguarding American Innovation Act , the Secretary shall issue regulations to carry out this section using the negotiated rulemaking procedure set forth in section 492(b). Regulations issued pursuant to paragraph
(1)shall— incorporate instructions for— reporting structured gifts and contracts; and reporting contracts that balances the need for transparency, while protecting the proprietary information of institutes of higher education; and clarify the definition of subunit , for purposes of subsection (i)(4)(C). ; by redesignating subsection
(h)as subsection (i); by inserting after subsection
(g)the following: A tuition and related fees and expenses payment to an institution by a foreign source made on behalf of a student enrolled at such institution shall not be considered a gift from or contract with a foreign source under this section. ; and in subsection (i), as redesignated— in paragraph (3), by striking or property and inserting , property, human resources, or payment of any staff ; and in paragraph (5)(B), by inserting institutes, instructional programs, after centers, .
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Sec. 7
Amendments to disclosures of foreign gifts
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