House Passes Legislation Revising Foreign Gift Reporting Requirements
By Hugh T. Ferguson, NASFAA Managing Editor
The House on Wednesday passed the Defending Education Transparency and Ending Rogue Regimes Engaging in Nefarious Transactions (DETERRENT) Act, by a vote of 246-170, with more than two dozen Democrats voting in favor of the bill.
The legislation would make several amendments to foreign gift and contract reporting requirements for institutions of higher education, notably by lowering the reporting threshold from $250,000 to $50,000 for some gifts and contracts.
NASFAA, along with several higher education organizations, recently signed onto a letter, sent to the House Committee on Education and the Workforce, with comments on how the bill, as drafted, could have “detrimental impacts” to institutions.
The measure now heads to the Senate, where a companion bill has been referred to the chamber’s education committee.
Publication Date: 12/8/2023
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