S. 3610: No Funding for Foreign Agents Act

This bill, titled the No Funding for Foreign Agents Act, is designed to prevent the U.S. government from providing financial assistance to certain entities. Specifically, it targets those entities that are controlled by individuals acting on behalf of foreign governments deemed significant threats to U.S. interests.

Key Provisions of the Bill

• Restriction on Financial Assistance: The bill establishes that any entity controlled by an agent of a "covered foreign principal" is ineligible to receive both direct and indirect financial assistance from the U.S. government.
• Definitions:
  • Agent of a covered foreign principal: This includes individuals acting as representatives or employees of specific foreign governments, individuals engaging in lobbying activities associated with these governments, or those who are recognized as agents by U.S. authorities.
  • Covered foreign principal: This term refers to certain nations, which include North Korea, China, Russia, Iran, and several others identified as having government structures or political parties that could be potentially harmful to U.S. interests.
  • Controlled: An entity is considered controlled if a significant portion of its governance is managed by individuals who are also agents of a covered foreign principal.
• Types of Financial Assistance Affected:
  • Direct financial assistance: This refers to funds received directly from the U.S. government through contracts, grants, loans, or other agreements.
  • Indirect financial assistance: This involves funds received by service providers, which are then passed to beneficiaries through vouchers or other means funded by the government.

Impacted Entities

The bill focuses on particular nations that are categorized as major threats to U.S. security and interests. If an organization is found to be controlled by anyone acting on behalf of these foreign principals, they will become ineligible for U.S. financial support.

Exclusions

It is specified that the bill does not terminate U.S. financial assistance to entities that are not controlled by agents of a covered foreign principal, nor does it affect foreign assistance that is outlined in existing laws.

Relevant Companies

None found