New bill targets private universities' financial ties to China and Iran
Congressman Burgess Owens of Utah has reintroduced a bill that would require private universities to disclose any investments that they have made in foreign adversaries.
'It is unacceptable for American universities to funnel millions to foreign adversaries without transparency or accountability,' Owens stated.
Congressman Burgess Owens of Utah has reintroduced a bill on the House floor that would require private universities to disclose any investments that they have made in foreign adversaries of the United States.
Owens emphasized the need for greater oversight in a statement given to The Daily Signal, pointing to the lack of transparency in university investments.
“It is unacceptable for American universities to funnel millions to foreign adversaries without transparency or accountability,” Owens stated.
Owens’ bill, the Reporting on Investments in Foreign Adversaries Act, would require private universities with endowments larger than $6 billion or investments above $250 million to report any “investments of concern,” which could cover investments in Iran, Russia, China, and North Korea.
The congressman officially introduced the legislation on Feb. 5; he also introduced a version of the bill in November 2023.
Owens highlighted his bill’s potential to create accountability for private schools’ financial decisions, stressing the need for American institutions of higher learning to prioritize American interests.
“The Reporting on Investments in Foreign Adversaries (RIFA) Act requires private institutions to disclose financial ties to hostile foreign entities, protecting our national security and the integrity of our education system,” Owens said in a press release. “Higher education must serve American interests—not Beijing’s, not Moscow’s, and not any other foreign adversary seeking to buy influence on our nation’s campuses.”
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In addition to RIFA, Owens also recently cosponsored the No Contracts for Foreign Adversaries Act, a similar bill that is designed to mitigate foreign influence in American education by requiring universities to disclose any contracts they have with U.S. adversaries.
Owens and his Republican colleagues have pushed to curb foreign influence in education amid growing efforts by Chinese entities to gain a foothold in American K-12 schools. A recent report by members of the Texas House of Representatives found that two major tutoring services in the state, Tutor.com and the Princeton Review, are owned by a group based out of Hong Kong that holds investments in ByteDance, the company that operates TikTok.
Campus Reform has reached out to Burgess Owens for comment. This article will be updated accordingly.