This bill aims to streamline the oversight of foreign gift and contract reporting by transferring all related functions under Section 117 of the Higher Education Act of 1965 from the Department of Education to the Department of State. This move consolidates the management of international transparency requirements within the agency primarily responsible for foreign affairs. The Secretary of State will assume all authorities previously exercised by the Secretary of Education concerning these disclosures. To ensure a seamless transition, the bill mandates the transfer of all associated personnel, assets, liabilities, contracts, property, records, and unexpended appropriations to the Department of State. The Director of the Office of Management and Budget (OMB) is assigned a critical role in this process, including ensuring that the transfer does not result in a net increase in federal employees. OMB is also responsible for making necessary determinations regarding the functions transferred and certifying compliance with the Act. The legislation includes comprehensive savings provisions to guarantee the continued validity of existing legal documents, ongoing proceedings, and pending suits related to these functions. References to the Department of Education concerning these specific duties will automatically be deemed to refer to the Department of State. The Act generally takes effect six months after enactment, with provisions allowing for earlier implementation to facilitate an orderly transition.