Disclosing Investments in Foreign Adversaries Act of 2025 | ChamberLight
Bills · S 3562
IN COMMITTEE· 119TH CONGRESS
Senate BillS 3562Finance and Financial Sector
Disclosing Investments in Foreign Adversaries Act of 2025
INTRO DEC 18· LAST ACTION DEC 18
READING
7MIN
COSPONSORS
1
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8
Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-written
This bill matters to voters because it aims to shed light on how much U.S. money is flowing into countries that are considered foreign adversaries. Currently, many private investments don't require public disclosure of their international exposure, making it difficult to assess potential economic or national security risks. If this bill becomes law, it would create new transparency requirements, forcing investment firms and companies to reveal these connections. This increased visibility could influence investment decisions, prompt public debate about economic ties to adversarial nations, and provide policymakers with crucial data to inform national security and foreign policy decisions. Without this bill, these investments could continue largely out of public view.
KEY PROVISIONS
4AI-extracted
PROVISION 01
Requires certain private fund investment advisers to annually report to the SEC the total private fund assets they hold in 'countries of concern', broken down by country.
This provision increases transparency regarding U.S. private investment exposure to foreign adversaries, which could impact national security and economic policy.
PROVISION 02
Mandates the SEC to publicly report, at least annually, a list of investment advisers that have disclosed any private fund assets in 'countries of concern', including the percentages.
This makes the information accessible to the public and investors, enabling greater scrutiny and informed decision-making.
PROVISION 03
Requires companies conducting large private stock sales (over $25M or $50M annually) to disclose to the SEC information about their beneficial owners, planned use of proceeds, and ties to 'countries of concern'.
This closes a potential loophole in disclosure for significant private capital raises, ensuring more comprehensive oversight of funds linked to foreign adversaries.
PROVISION 04
Authorizes the SEC to issue rules to set conditions that limit the future use of certain private stock sale exemptions.
This grants the SEC regulatory power to potentially restrict how companies raise capital if it involves 'countries of concern', thereby adding a preventative measure.
This bill matters to voters because it aims to shed light on how much U.S. money is flowing into countries that are considered foreign adversaries. Currently, many private investments don't require public disclosure of their international exposure, making it difficult to assess potential economic or national security risks. If this bill becomes law, it would create new transparency requirements, forcing investment firms and companies to reveal these connections. This increased visibility could influence investment decisions, prompt public debate about economic ties to adversarial nations, and provide policymakers with crucial data to inform national security and foreign policy decisions. Without this bill, these investments could continue largely out of public view.
KEY PROVISIONS
AI-extracted
high
Requires certain private fund investment advisers to annually report to the SEC the total private fund assets they hold in 'countries of concern', broken down by country.
This provision increases transparency regarding U.S. private investment exposure to foreign adversaries, which could impact national security and economic policy.
high
Mandates the SEC to publicly report, at least annually, a list of investment advisers that have disclosed any private fund assets in 'countries of concern', including the percentages.
This makes the information accessible to the public and investors, enabling greater scrutiny and informed decision-making.
med
Requires companies conducting large private stock sales (over $25M or $50M annually) to disclose to the SEC information about their beneficial owners, planned use of proceeds, and ties to 'countries of concern'.
This closes a potential loophole in disclosure for significant private capital raises, ensuring more comprehensive oversight of funds linked to foreign adversaries.
med
Authorizes the SEC to issue rules to set conditions that limit the future use of certain private stock sale exemptions.
This grants the SEC regulatory power to potentially restrict how companies raise capital if it involves 'countries of concern', thereby adding a preventative measure.
Not later than 1 year after the date of enactment, and annually thereafter
The Securities and Exchange Commission (SEC) must prepare and make publicly available its first report listing covered investment advisers with private fund assets in countries of concern.
GLOSSARY
AI-written
Securities and Exchange Commission (SEC)
A U.S. government agency that protects investors, maintains fair, orderly, and efficient markets, and facilitates capital formation by overseeing securities markets.
Private Fund
An investment vehicle that is not publicly traded and is often used by wealthy individuals and institutional investors, such as hedge funds and private equity funds.
Investment Adviser
A person or firm that provides investment advice to clients for a fee.
Country of Concern
A nation identified as a 'covered nation' by specific U.S. law, or any other jurisdiction that the SEC determines, in consultation with the Secretaries of State and Treasury, to be under the political and legal control of such a 'covered nation'.
Exempted Transaction
A type of securities offering that is not required to be registered with the SEC because it meets certain conditions, such as sales to a limited number of investors or qualified purchasers.
Beneficial Owner
The person who enjoys the benefits of ownership of a security, even if the security's title is held by another person (e.g., a bank or broker).
Issuer
ACTION TIMELINE
2 EVENTS
DEC 18, 25
Introduced in Senate
INTROREFERRAL
DEC 18, 25
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
