The Reporting on Investments in Foreign Adversaries Act (RIFA Act) amends the Higher Education Act of 1965 to mandate disclosure of certain foreign investments by higher education institutions. Specifically, it targets specified institutions —non-public institutions with large endowments or significant holdings in "investments of concern." These investments include any stock, debt, or derivatives related to a foreign country of concern (e.g., China, Russia, Iran, North Korea) or a foreign entity of concern , as defined by national security criteria. Institutions must report annually on these holdings, sales, and capital gains. Each July 31, a specified institution must file a report detailing its investments of concern from the preceding calendar year, including their aggregate fair market value and sales data. This bill also requires the Secretary of Education to establish and maintain a publicly available, searchable database of these reports. Furthermore, institutions must designate a compliance officer responsible for certifying the accuracy of these disclosures. Non-compliance with these reporting requirements can lead to severe penalties. The Secretary of Education, in coordination with the Attorney General, can compel compliance through civil action. Institutions found in knowing or willful violation face substantial fines, ranging from 50% to 200% of the aggregate value of their investments of concern held and sold. Additionally, compliance with these disclosure rules becomes a condition for participating in federal higher education programs, with repeated violations resulting in ineligibility for at least two fiscal years.