Endowment Transparency Act
This bill requires certain actions regarding institutions of higher education (IHEs) and the management of their assets.
Specifically, the bill requires the Department of Education to annually update the College Navigator website with information on the assets of IHEs, including information about investments with minority- or women-owned firms.
The bill also requires the Minority Business Development Agency to (1) report on recommended changes for substantially increasing the use of minority- or women-owned firms in the investment and bond transactions of IHEs, and (2) convene a conference every five years.
To amend the Higher Education Act of 1965 to require annual reporting 
             on assets of institutions of higher education.

    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 ``Endowment Transparency Act''.

SEC. 2. REPORTING ON ASSETS OF INSTITUTIONS OF HIGHER EDUCATION.

    (a) Consumer Information.--
            (1) Asset reporting.--Section 132(i)(1) of the Higher 
        Education Act of 1965 (20 U.S.C. 1015a(i)(1)) is amended by 
        adding at the end the following:
                    ``(AA)(i) The total assets of the institution that 
                are managed--
                            ``(I) by an investment adviser, 
                        disaggregated by asset class; or
                            ``(II) by a minority- or women-owned 
                        investment adviser, disaggregated by asset 
                        class and race of the investment adviser.
                    ``(ii) With respect to investment advisers employed 
                by the institution, the number of such investment 
                advisers, disaggregated by gender and race.
                    ``(iii) The percent of bond issuances by the 
                institution that are underwritten by minority- or 
                women-owned asset management firms.
                    ``(iv) In this subparagraph--
                            ``(I) the term `investment adviser' has the 
                        meaning given that term under section 202(a) of 
                        the Investment Advisers Act of 1940;
                            ``(II) the term `minority' has the meaning 
                        given that term under section 308(b) of the 
                        Financial Institutions Reform, Recovery, and 
                        Enforcement Act of 1989; and
                            ``(III) the term `minority- or women-
                        owned', when used with respect to an investment 
                        adviser or an asset management firm, means an 
                        investment adviser or an asset management firm 
                        which--
                                    ``(aa) is owned more than 50 
                                percent by one or more individuals who 
                                are women or minorities; and
                                    ``(bb) is managed by, and the daily 
                                business operations of which are 
                                controlled by, one or more individuals 
                                who are women or minorities.''.
            (2) Data collection.--Section 132(i)(4) of the Higher 
        Education Act of 1965 (20 U.S.C. 1015a(i)(4)) is amended--
                    (A) by striking ``The Commissioner'' and inserting 
                the following:
                    ``(A) In general.--The Commissioner''; and
                    (B) by adding at the end the following:
                    ``(B) Rules for asset reporting.--With respect to 
                the information described in clauses (i), (ii), and 
                (iii) of paragraph (1)(AA), the Secretary of Education 
                (acting through the Commissioner for Education 
                Statistics), the Securities and Exchange Commission, 
                and the Under Secretary of Commerce for Minority 
                Business Development shall, jointly, issue rules to 
                establish a standardized form and manner for collecting 
                and reporting such information.''.
    (b) Analysis and Report by the Minority Business Development 
Agency.--
            (1) In general.--After the end of the 1-year period 
        beginning on the date that information is first reported under 
        subparagraph (AA) of section 132(i)(1) of the Higher Education 
        Act of 1965, the Under Secretary of Commerce for Minority 
        Business Development shall, in consultation with 
        representatives from industry (including minority- or women-
        owned investment advisers and minority- or women-owned asset 
        management firms)--
                    (A) analyze all information reported under that 
                subparagraph (AA); and
                    (B) issue a report to the Congress, and make such 
                report available to the public, containing--
                            (i) any recommended best practices the 
                        Under Secretary may have for substantially 
                        increasing the use of minority- or women-owned 
                        investment advisers and minority- or women-
                        owned asset management firms in the investment 
                        and bond transactions of institutions of higher 
                        education; and
                            (ii) any recommendations the Under 
                        Secretary may have for regulatory or 
                        legislative changes to increase the use of such 
                        advisers and firms.
            (2) Updated reports.--The Under Secretary of Commerce for 
        Minority Business Development shall update the report required 
        under paragraph (1)(B) every 2 years.

SEC. 3. MBDA CONFERENCE.

    (a) In General.--The Under Secretary of Commerce for Minority 
Business Development shall, every 5 years, convene a conference of 
institutions of higher education, minority- or women-owned investment 
advisers, minority- or women-owned asset management firms, and 
investment consultants to help those institutions, advisers, and firms 
to share best practices for investment and bond transactions, including 
increasing opportunities for such advisers and asset management firms, 
and learn about the benefits of using such advisers and firms for 
investment and bond transactions.
    (b) Authorization of Appropriations.--There is authorized to be 
appropriated to the Under Secretary of Commerce for Minority Business 
Development $1,000,000 to carry out this section.
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Endowment Transparency Act
To amend the Higher Education Act of 1965 to require annual reporting on assets of institutions of higher education.
Endowment Transparency Act
Rep. Cleaver, Emanuel