Bill 119 HR 1018, also known as the "Foreign Gift Transparency Act," aims to amend the Higher Education Act of 1965 to enhance transparency regarding foreign gifts and contracts received by institutions of higher education in the United States. The bill requires these institutions to provide additional information in their disclosures of such foreign funding sources.
Specifically, the bill mandates that colleges and universities report any gifts or contracts from foreign sources that exceed $50,000 in a calendar year. This information must be disclosed to the Department of Education, which will then make it publicly available on a designated website. Additionally, the bill requires institutions to disclose the total amount of foreign gifts and contracts received, as well as the specific countries from which the funding originated.
The purpose of this legislation is to increase transparency and accountability in higher education by ensuring that the public is aware of any potential foreign influence on academic research, programs, and activities. By requiring institutions to disclose this information, lawmakers hope to safeguard against undue foreign influence and protect the integrity of American higher education.
Overall, the Foreign Gift Transparency Act seeks to promote transparency and accountability in higher education by requiring institutions to provide additional information about foreign gifts and contracts they receive. This legislation aims to protect the integrity of academic research and programs in the United States.