House Bill Would Overhaul Foreign Gift Reporting Requirements

Colleges and universities would have to report more foreign gifts and could lose access to federal financial aid if they don’t comply under a new bill from two House Republicans. Representative Virginia Foxx of North Carolina, who chairs the House education committee, and Representative Michelle Steel of California are proposed to lower the threshold for reporting foreign gifts from $250,000 to $50,000. Colleges and universities also would be barred from entering into contracts with “countries of concern,” according to a bill summary.