<p><strong>Reporting on Investments in Foreign Adversaries Act or the RIFA Act</strong></p><p>This bill requires private institutions of higher education (IHEs) with specified assets or investments involving foreign countries or entities of concern&nbsp;to file annual investment disclosure reports. The bill applies to a private IHE with (1) assets in excess of $6 billion, or (2) investments of concern in excess of $250 million.&nbsp;</p><p>Specifically, the bill requires such a private&nbsp;IHE to file a disclosure report with the Department of Education (ED) for a year in which the IHE purchases, sells, or holds one or more investments of concern. <em>Investment of concern</em> means any specified interest (e.g., stock or debt) with respect to a foreign country of concern (e.g., North Korea, China, Russia, or Iran) or a foreign entity of concern (e.g., a foreign entity that is designated as a foreign terrorist organization).&nbsp;</p><p>Additionally, the bill requires ED to establish and maintain a publicly available and searchable database with these disclosure reports.</p><p>The bill requires&nbsp;ED to investigate possible violations of this bill and outlines the various penalties for each violation.&nbsp;Penalties may include losing eligibility for federal student financial aid.</p>