Foreign Funding Transparency Act

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Bill ID: 119/hr/9772
Last Updated: September 9, 2026

Sponsored by

Rep. Schweikert, David [R-AZ-1]

ID: S001183

Follow the money

The bill

Foreign Funding Transparency Act

HR. 9772, 119th Congress.

The sponsor

Rep. Schweikert, David [R-AZ-1]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$105,804 raised

30 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

70% match to Project 2025

This bill's text tracks the "Department of the Treasury" section, p. 733-735 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Placed on the Union Calendar, Calendar No. 666.

August 26, 2026

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed House

🏛️

Senate Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

**HR 9772: Foreign Funding Transparency Act – A Fiscal Diagnosis** *By Dr. Gregory House, Chief of Diagnostic Snark*

Ah, HR 9772—the *Foreign Funding Transparency Act*. A bill so transparently performative it makes a glass eye look opaque. Let’s cut through the legislative anesthesia and see what’s really bleeding here.

**1. Total Funding Amounts & Budget Allocations:** Zero. Nada. Zilch. This isn’t an appropriations bill—it’s a *disclosure mandate* dressed in the tattered robes of fiscal responsibility. No line items. No grants. No shiny new submarines for landlocked states. Just a bureaucratic tapeworm shoved into Section 6033 of the Internal Revenue Code, forcing nonprofits to fill out yet another form no one will read. The only "funding" here is the implicit cost of compliance—estimated by the CBO to be… well, they haven’t scored it yet, but trust me: it’s not free. Someone’s gotta pay for the interns who’ll manually cross-reference donor passports against a list of “foreign countries of concern” (more on that farce shortly).

**2. Key Programs & Agencies Receiving Funds:** The IRS. Because nothing says “effective governance” like giving the agency that can’t process a paper return without summoning a demon new data to ignore. The Treasury Secretary gets to write regulations—meaning lobbyists will soon be drafting the loopholes while pretending to oppose them. Tax-exempt orgs over $200k in receipts or $500k in assets? Congratulations, you’re now unpaid federal informants. Hospitals, universities, food banks—if you took a euro from a French tourist at your bake sale, you better disclose it… or rely on the donor’s *word* that they’re not a Russian oligarch in disguise. (See subsection (p)(4): “reliance on representation.” Translation: *We know you’re lying, but we’ll pretend you’re not if it’s convenient.*)

**3. Notable Increases/Decreases:** Increases: paperwork, paranoia, and the number of lawyers billing $800/hour to explain why a Canadian foundation’s grant to study tick-borne illness in Maine doesn’t count as “foreign influence.” Decreases: public trust, organizational efficiency, and any illusion that Congress understands how nonprofits actually work.

**4. Riders or Policy Provisions:** Oh, it’s *all* rider. The bill grafts foreign disclosure onto tax-exempt reporting like a malignant mole. It references two other statutes—the Federal Election Campaign Act (for “foreign national” definition) and the R&D, Competition, and Innovation Act (for “foreign countries of concern”)—neither of which are defined here. So good luck figuring out if Belarus is a “country of concern” this week. Spoiler: it depends on which defense contractor donated to the sponsor’s PAC last quarter.

**5. Fiscal Impact & Deficit Implications:** Minimal direct cost—but massive indirect stupidity. The CBO will likely score this as negligible, because they only count what’s easy to measure. What they won’t count: the hours wasted by small nonprofits scrambling to comply, the chilling effect on legitimate international collaboration, and the erosion of trust when yet another “transparency” measure turns out to be theater designed to let politicians yell about Soros or China while ignoring the domestic billionaires buying elections in broad daylight.

**Diagnosis:** This bill isn’t about transparency—it’s about *scapegoatogenesis*. It’s a placebo for xenophobia, a legislative Band-Aid on a sucking chest wound of campaign finance corruption. The real illness? A political system so addicted to performative outrage that it mistakes paperwork for principle. Prognosis: chronic. Contagious. And utterly untreatable by Congress. Now if you’ll excuse me, I need to go diagnose why someone thinks disclosing a £50 donation from a British book club is going to save democracy. *Idiots.*

Related Topics

Government Operations & AccountabilityResearch & Innovation PolicyFederal Budget & Appropriations
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Schweikert, David [R-AZ-1]

Congress 119 • 2024 Election Cycle

Total Contributions
$105,804
20 donors
PACs
$0
Organizations
$47,104
Committees
$0
Individuals
$58,700

No PAC contributions found

1
SANTA YNEZ BAND OF MISSION INDIANS
5 transactions
$9,600
2
MORONGO BAND OF MISSION INDIANS
2 transactions
$6,600
3
SALT RIVER PIMA MARICOPA INDIAN COMMUNITY
2 transactions
$6,600
4
HPUL PROJECT OPERATIONS
2 transactions
$5,800
5
SAN MANUEL BAND OF MISSION INDIANS
1 transaction
$3,300
6
WSS
1 transaction
$3,300
7
MASHANTUCKET (WESTERN) PEQUOT TRIBE
1 transaction
$3,300
8
COLORADO RIVER INDIAN TRIBES
2 transactions
$3,000
9
ONEIDA NATION
2 transactions
$3,000
10
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
1 transaction
$1,650
11
GILA RIVER INDIAN COMMUNITY
1 transaction
$500
12
POPOLO
1 transaction
$454

No committee contributions found

1
STOCKWELL, JESSE
1 transaction
$10,000
2
STENSON, ERIC
1 transaction
$10,000
3
HOWARD, DAX
2 transactions
$10,000
4
BRUSER, KENNAN R.
1 transaction
$7,100
5
GROSE, MADISON
1 transaction
$6,600
6
WILSON, MICHAEL D.
1 transaction
$5,000
7
MILZCIK, EILEEN
1 transaction
$5,000
8
MILZCIK, GREGORY
1 transaction
$5,000

Cosponsors & Their Campaign Finance

This bill has 1 cosponsors. Below are their top campaign contributors.

Rep. Fine, Randy [R-FL-6]

ID: F000484

Top Contributors

0

No contribution data available

Donor Network - Rep. Schweikert, David [R-AZ-1]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

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Showing 53 nodes and 83 connections

Total contributions: $83

Top Donors - Rep. Schweikert, David [R-AZ-1]

Showing top 20 donors by contribution amount

12 Orgs8 Individuals

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Department of the Treasury

Moderate
Vector: 63%
Pages: 733-735AI Enhanced

AI Analysis:

"The bill's focus on increasing transparency of foreign contributions to tax-exempt organizations aligns with Project 2025's broader emphasis on financial transparency and oversight, though it does not directly address the specific Treasury Department reforms or international institution withdrawals outlined in the policy."

Key themes:financial transparencyforeign influence oversighttax compliancegovernment accountability

— 701 — Department of the Treasury administers these reporting programs, most of this expense is mandated by Con- gress, not the IRS. One of the primary reasons that Congress mandates ever-increasing infor- mation reporting is that the Treasury Department and the Joint Committee on Taxation staff almost always overestimate how much revenue will be gained from still more burdensome information reporting, and they do not estimate or report private compliance costs. Congress and the Treasury Department must undertake a serious review of the information reporting regime and reduce the burden on the public—especially small businesses. Small businesses suffer disproportionately from complexity and administrative burdens. Costs do not increase linearly with size, so elevated administrative costs have an adverse effect on the competitiveness of small firms. Budget. The operating budget of the IRS should be held constant in real terms. The resources allocated to the Office of the Taxpayer Advocate should be increased by at least 20 percent (about $44 million). The Office of Equity, Diversity, and Inclusion should be closed. Provided that IT management is changed; an effective, well-considered implementation plan is adopted; and serious oversight is put in place, additional resources dedicated solely to IT modernization may be warranted. INTERNATIONAL AFFAIRS The Treasury Department should withdraw from Senate consideration the Protocol Amending the Convention on Mutual Administrative Assistance in Tax Matters.48 The protocol will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and suppression of political oppo- nents and religious or ethnic minorities by authoritarian and corrupt governments, including China, Colombia, Nigeria, and Russia. Unlike the original multilateral convention, the amended convention is open to all governments—including many that are either hostile to the United States, have serious corruption problems, or have inadequate privacy protections. The new Administration should also oppose the multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.49 International organizations such as the OECD, the World Bank, and the Inter- national Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles. The global elites who operate the IMF regularly advance higher taxes and big centralized government. The IMF has intervened in American policy debates—and has even recommended that the U.S. raise taxes. The IMF’s record of advancing global financial stability has been mixed at best. Its development assistance and lending programs in third- world countries have more often than not retarded growth rather than advancing it. The Treasury Department plays an important role in these international institutions and should force reforms and new policies. The U.S., however, should — 702 — Mandate for Leadership: The Conservative Promise withdraw from both the World Bank and the IMF and terminate its financial con- tribution to both institutions. If the U.S. is to provide economic assistance or humanitarian aid to other nations, it should do so unilaterally—not through the pass-throughs of international aid orga- nizations, non-governmental organizations, or other nations. These organizations and countries simply create expensive middle-men, while U.S. funds are intercepted before being distributed to those in need. Also, these foreign entities have interests that do not coincide with American national security and economic interests. FISCAL RESPONSIBILITY Treasury should make balancing the federal budget a mission-critical objective. The federal budget absorbs enormous resources from the economy, both in money taken from taxpayers and in money borrowed. The budget should be balanced by driving down federal spending while maintaining a strong national defense and not raising taxes. To reduce interest payments on the debt, Treasury should lock in current rel- atively low interest rates by issuing longer duration bonds, and even consider creating a 50-year treasury bill. Most of the federal debt rolls over on average about every three to four years. But interest rates, even with the latest Federal Reserve rate increases, are still below the 5 percent historical average. Treasury would thus save taxpayers money during the next several decades by issuing fewer short-term notes that will probably have to be rolled over at higher rates in the future. To promote transparency of finances, each year Americans should receive a financial statement of the U.S. government alerting citizens of the revenues, expen- ditures, deficit, and debt for the preceding fiscal year. The statement should also include this individual family’s pro-rata share of the debt based on family size. INTERNATIONAL COMPETITIVENESS The Treasury must act more assertively in international financial institutions to protect and advance U.S. national interests—and oppose those that do not. It should employ a carrot-and-stick approach by increasing its activity and commitment to those financial institutions that are willing and able to adjust to this new approach and by zeroing out or potentially exiting those institutions that rely on U.S. capital while advancing agendas that run counter to U.S. interests. l A major emphasis of effecting this change must be the addition of a large new cadre of U.S. professionals and contractors at these international financial institutions. l The U.S. must insist on the hiring and support of this human capital as a condition to future funding.

Financial Regulatory Agencies

Weak
Vector: 60%
Pages: 869-871AI Enhanced

AI Analysis:

"The bill focuses on transparency of foreign contributions to tax-exempt organizations via IRS reporting, while the Project 2025 policy targets FINRA and other SROs' governance, arbitration transparency, fine allocation, and congressional oversight—there is no direct thematic or operational overlap."

Key themes:transparencyaccountabilityreporting requirements

— 836 — Mandate for Leadership: The Conservative Promise 2. FINRA’s Board of Governors’ agenda be made available to the public in advance. 3. Board minutes describing actions taken be published without delay. 4. FINRA make available to the public in advance rulemakings that the FINRA board is expected to consider. 5. FINRA arbitration and disciplinary hearings should be open to the public and reported. l Require FINRA arbitrators to make findings of fact based on the evidentiary record and demonstrate how those facts led to the award given (except with respect to very small claims). These written FINRA arbitration decisions should be subject to SEC review and limited judicial review. l Require that all SRO fines, including those imposed by FINRA, should go either to a newly established investor reimbursement fund or to the Treasury. SROs should not have a financial interest in imposing fines. l Require all SROs to conduct meaningful cost-benefit analysis as part of the rulemaking process with respect to major rules. l Require all SROs to publish rules in proposed format and seek public comment before they are submitted to the SEC or the CFTC. l Require each SRO to submit an annual report to Congress with detailed, specified information about its budget and fees; its enforcement activities (including sanctions and fines imposed by type of violation and type of firm or individual); its dispute resolution activities; and its rulemaking activities. Congress should: l Conduct annual oversight hearings on SROs. l Either make FINRA, the Municipal Securities Rulemaking Board (MSRB), and the National Futures Association (NFA) “Designated Federal Entities” and establish an inspector general with respect to financial SROs, including FINRA, the MSRB, and the NFA or place FINRA, the MSRB, and the NFA within the ambit of an existing inspector general. — 837 — Financial Regulatory Agencies l Require the SEC and the CFTC to publish a detailed annual report on SRO supervision. AUTHOR’S NOTE: The preparation of this chapter was a collective enterprise of individuals involved in the 2025 Presidential Transition Project. All contributors to this chapter are listed at the front of this volume, but Paul Atkins, C. Wallace DeWitt, Christopher Iacovella, Brian Knight, Chelsea Pizzola, and Andrew Vollmer deserve special mention. The author alone assumes responsibility for the content of this chapter, and no views expressed herein should be attributed to any other individual. CONSUMER FINANCIAL PROTECTION BUREAU Robert Bowes The Consumer Financial Protection Bureau (CFPB) was authorized in 2010 by the Dodd–Frank Act.32 Since the Bureau’s inception, its status as an “inde- pendent” agency with no congressional oversight has been questioned in multiple court cases, and the agency has been assailed by critics33 as a shakedown mecha- nism to provide unaccountable funding to leftist nonprofits politically aligned with those who spearheaded its creation. In 2015, for example, Investor’s Business Daily accused the CFPB of “diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party” and plan- ning “to create a so-called Civil Penalty Fund from its own shakedown operations targeting financial institutions” that would use “ramped-up (and trumped-up) anti-discrimination lawsuits and investigations” to “bankroll some 60 liberal non- profits, many of whom are radical Acorn-style pressure groups.”34 The CFPB has a fiscal year (FY) 2023 budget of $653.2 million35 and 1,635 full- time equivalent (FTE) employees.36 From FY 2012 through FY 2020, it imposed approximately $1.25 billion in civil money penalties;37 in FY 2022, it imposed approximately $172.5 million in civil money penalties.38 These penalties are imposed by the CFPB Civil Penalty Fund, described as “a victims relief fund, into which the CFPB deposits civil penalties it collects in judicial and administrative actions under Federal consumer financial laws.”39 The CFPB is headed by a single Director who is appointed by the President to a five-year term.40 Its organizational structure includes five divisions: Operations; Consumer Education and External Affairs; Legal; Supervision, Enforcement and Fair Lending; and Research, Monitoring and Regulations.41 Each of these divisions reports to the Office of the Director, except for the Operations Division, which reports to the Deputy Director. Passage of Title X of Dodd–Frank was a bid to placate concern over a series of regulatory failures identified in the wake of the 2008 financial crisis. The law imported a new superstructure of federal regulation over consumer finance and

Department of the Treasury

Weak
Vector: 59%
Pages: 739-741AI Enhanced

AI Analysis:

"The bill focuses on transparency of foreign contributions to tax-exempt organizations via IRS reporting, while the Project 2025 Treasury section emphasizes AML/CTF data transparency, repeal of the Corporate Transparency Act, elimination of DEI initiatives, and climate-related financial risk oversight—none of which are directly addressed by H.R. 9772."

Key themes:transparencyfinancial oversightreporting requirements

— 707 — Department of the Treasury There were 2 .7 million suspicious activity reports (SARs) filed in 2021.60 The number of CTRs filed were approximately 10 times that number.61 In 2014, FinCEN anti-money laundering/countering the financing of terrorism (AML-CFT) rules cost an estimated $5 billion to $8 billion per year.62 Undoubtedly, this cost is now substantially higher both because of inflation and because the rules have become more onerous.63 Yet there is little evidence that this massive expenditure of resources is doing much good,64 and there is no evidence regarding which aspects of the AML-CFT regime are effective and which are not. The AML-CFT regime is a major contributing factor causing the decline in the number of small broker-deal- ers and the decline in the competitiveness of community banks. Congress must require FinCEN to annually publish data regarding: l The number of SARs filed; l The number of CTRs filed;65 l The number of AML-CFT prosecutions, disaggregating those in which the AML-CFT prosecution is stand-alone and in which the prosecution is an add-on count connected to other predicate crime;66 l The number of AML-CFT convictions (similarly disaggregated); l The number and aggregate amount of AML-CFT fines imposed and the type of institution upon which the fine was imposed; and l Annual estimates of the aggregate costs imposed on private entities by the AML-CFT regime.67 Without this data, it is impossible for policymakers to make an informed judg- ment about the effectiveness of the AML-CFT regime. Congress should also require both FinCEN and the Government Accountability Office to undertake separate evaluations regarding which aspects of the AML-CFT regime are effective and which are not. FinCEN should be required to undertake a thorough retrospec- tive review of its regulations and various statutory requirements and report to Congress on its findings in a publicly available report. Anecdotes and assurances from FinCEN staff that all is well—but that even more onerous requirements are needed—are not enough. Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule. Both are targeted at the smallest businesses in the U.S. (those with 20 or fewer employees) and will do nothing material to impede criminal finance.68 The FinCEN — 708 — Mandate for Leadership: The Conservative Promise beneficial ownership reporting rule will impose costs exceeding $1 billion annu- ally and is exceedingly poorly drafted.69 FinCEN itself estimates that more than 33 million businesses will be affected and that costs will be $547 million to $8.1 billion annually.70 THE “EQUITY” AGENDA Under the Biden Administration, the Treasury Department has appointed a Counselor for Racial Equity, established an Advisory Committee on Racial Equity, and created an office for Diversity, Equity, Inclusion, and Accessibility. All these should be eliminated. Treasury has created several new offices to promote “equity” and has made this its first of five strategic goals in its Fiscal Year 2022–2226 Strategic Plan. “Equity” is identified as a cross-cutting theme in 15 of 19 of the plan’s objectives. The avowed purpose of these initiatives is to implement policies that delib- erately favor some races or ethnicities over others. The casual acceptance and rapid spread of racist policymaking in the federal government must be forcefully opposed and reversed. The next conservative Administration should take affirma- tive steps to expose and eradicate the practice of critical race theory and diversity, equity, and inclusion (DEI) throughout the Treasury Department. These steps will include: l Identify every Treasury official who participated in DEI initiatives and interview him or her for the purpose of determining the scope and nature of these initiatives and to ensure that such initiatives are completely ended. l Make public immediately all communications relating to the work of the Treasury’s critical race theory and DEI initiatives. l Treat the participation in any critical race theory or DEI initiative, without objecting on constitutional or moral grounds, as per se grounds for termination of employment. l Expose and make public all training materials and initiatives designed to single out any race, ethnicity, or sex for special treatment. The Administration should eliminate the 25-member Treasury Advisory Com- mittee on Racial Equity. CLIMATE-RELATED FINANCIAL RISK Treasury has created a new departmental office, “Climate Hub,” and has made “combating climate change” one of the Biden Treasury Department’s top five

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About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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