Safeguarding American Education From Foreign Control Act

Increased Transparency of Foreign Financial Ties: The bill requires institutions to file disclosure reports whenever they are owned or controlled by a foreign source, or when they receive gifts or contracts that meet specific thresholds (Section 2(a)(1)). This provides information on whether a school is receiving significant foreign funding.

Stricter Oversight for Certain Nations: For foreign sources associated with a "covered nation," the bill requires disclosure for a gift or contract of any value (Section 2(a)(1)(2)(B)). This ensures that even small transactions from these specific sources are reported.

Enhanced Information Sharing with Security Agencies: The Secretary of Education is required to transmit disclosure reports and records to the Director of the Federal Bureau of Investigation and the Director of National Intelligence within 10 days of receiving them (Section 2(a)(3)). This allows security agencies to receive information regarding foreign financial interactions with educational institutions.

Increased Reporting Obligations for Institutions: Institutions must file a disclosure report on January 31 or July 31, whichever is sooner, if they meet the defined gift or contract thresholds (Section 2(a)(1)).

Heightened Reporting Thresholds for Non-Covered Nations: Institutions must track gifts or contracts from foreign sources that are not associated with a covered nation if they equal or exceed $250,000, whether considered alone or in combination within a calendar year (Section 2(a)(1)(2)(A)).

Broad Transmission of Department Records: The Secretary of Education must transmit any report, document, or record received under section 117, as well as any records generated during compliance investigations, to the FBI and the Director of National Intelligence within 90 days of the act's enactment (Section 2(b)).