Get Information on Financial Transactions Act

Get Information on Financial Transactions Act - Amends title VI (International Education Programs) of the Higher Education Act of 1965 to direct the Secretary of Education to require, as part of the Integrated Postsecondary Education Data System (IPEDS) annual data collection, that each institution of higher education receiving federal funds for its international education programs include data concerning: (1) the total cost such a program or center; (2) state and private contributors whose total aggregate contributions exceed $100,000 for the fiscal year; and (3) the use of such contributions.

Directs the Secretary to prepare an annual report summarizing such data.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6234 Introduced in House (IH)]








109th CONGRESS
  2d Session
                                H. R. 6234

To amend the Higher Education Act of 1965 to require the disclosure of 
substantial gifts of cash or property to programs assisted under title 
                            VI of that Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2006

 Mr. Burton of Indiana (for himself, Mr. Poe, Mr. LaHood, Mr. Linder, 
Mrs. Blackburn, Mr. Kennedy of Minnesota, Mr. Carter, and Mr. Miller of 
   Florida) introduced the following bill; which was referred to the 
                Committee on Education and the Workforce

_______________________________________________________________________

                                 A BILL


 
To amend the Higher Education Act of 1965 to require the disclosure of 
substantial gifts of cash or property to programs assisted under title 
                            VI of that Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Get Information on Financial 
Transactions Act''.

SEC. 2. CONDITIONS ON PROGRAM GRANTS AND CONTRACTS.

    Title VI of the Higher Education Act of 1965 (20 U.S.C. 1122) is 
amended by adding at the end the following new section:

``SEC. 632. GIFT REPORTS BY RECIPIENT INSTITUTIONS.

    ``(a) Reporting by Institutions.--
            ``(1) Report required.--The Secretary shall require, as 
        part of the Integrated Postsecondary Education Data System 
        (IPEDS) annual data collection, that each institution receiving 
        funds under this title include the following data:
                    ``(A) the total cost of establishing or operating a 
                program or center assisted under this title;
                    ``(B) if the amount of cash or the fair market 
                value (or both) of the contributions by any State or 
                private sector corporation, foundation, or any other 
                entity or individual during any fiscal year for the 
                institution, programs, or centers receiving funds under 
                this title exceeds $100,000 in the aggregate--
                            ``(i) the names and addresses of any such 
                        State or private sector corporation, 
                        foundation, or any other entity or individual 
                        that contributed such amount of cash or such 
                        fair market value of other property; and
                            ``(ii) the amount of such cash or the fair 
                        market value of such property; and
                    ``(C) the use made of each contribution by each 
                such contributor.
            ``(2) Deadline.--Any report under paragraph (1) shall be 
        made no later than such date as the Secretary shall require.
            ``(3) Consequences of failure to report.--In the case of 
        any institution from which a report is requested under 
        paragraph (1), if the Secretary does not receive a report in 
        accordance with the deadline established under paragraph (2), 
        the Secretary shall--
                    ``(A) make a determination that the institution of 
                higher education has failed to make the report required 
                by this paragraph;
                    ``(B) transmit a notice of the determination to 
                Congress; and
                    ``(C) publish in the Federal Register a notice of 
                the determination and the effect of the determination 
                on the eligibility of the institution of higher 
                education for contracts and grants under this title.
    ``(b) Reports by Secretary.--The Secretary shall annually prepare a 
report summarizing the information collected from institutions of 
higher education under subsection (a)(1), including all of the 
information required by subparagraphs (A) through (C) of such 
subsection. The Secretary of Education shall publish such report in the 
Federal Register and transmit a copy of such report to the Committee on 
Education and the Workforce of the House of Representatives and the 
Committee on Health, Education, Labor, and Pensions of the Senate.
    ``(c) Retrospective Information.--The data collected from 
institutions of higher education under subsection (a)(1) in the first 
submission after the date of enactment of this section, and the 
Secretary's first report under subsection (c), shall include the 
information required by subparagraphs (B) and (C) of subsection (a)(1) 
regarding contributions made on or after September 11, 2001, and the 
end of the first reporting period under such subsection.''.
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