The Sovereign Wealth Fund Transparency Act closes a loophole in federal law that has allowed foreign sovereign wealth funds to avoid disclosing their activities by claiming a commercial exemption from foreign agent registration requirements. The bill amends the Foreign Agents Registration Act to give the Attorney General new authority to issue civil investigative demands—similar to subpoenas—requiring foreign agents to produce documents, answer questions, and testify under oath, with detailed procedures protecting attorney-client privilege and allowing witnesses to have counsel present. To enforce compliance, the bill establishes civil penalties ranging from $1,000 to $200,000 for registration violations, with foreign principals prohibited from paying these fines, and requires federal courts to have oversight over investigative demands. The Attorney General must submit annual reports to Congress detailing the demands issued and enforcement actions taken. This investigative authority will expire after five years unless Congress reauthorizes it.
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