House Approves Overhaul of Foreign Gift Reporting Requirements

The House of Representatives voted 246 to 170 on Wednesday to pass a bill that would require colleges and universities to report more foreign gifts or risk their access to federal financial aid.  The legislation is the first in a series of bills aimed at reforming the Higher Education Act of 1965. The Defending Education Transparency and Ending Rogue Regimes Engaging in Nefarious Transactions (DETERRENT) Act addresses a number of concerns Republicans have raised in recent years about the flow of foreign dollars to colleges and universities, and about institutions’ compliance with federal reporting requirements. Section 117 of the Higher Education Act requires colleges and universities to disclose, twice a year, all foreign gifts and contracts totaling $250,000 or more.