Contact Congress about S. 1488: Sovereign Wealth Fund Transparency Act

More people and firms would have to report work tied to foreign governments and sovereign wealth funds. The Justice Department could demand records and sworn answers in FARA investigations. Late, missing, or knowingly unfixed filings could bring civil fines.

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Sovereign Wealth Fund Transparency Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Foreign Relations.

Latest action on S. 1488: Read twice and referred to the Committee on Foreign Relations.

Who this affects: This bill mainly affects people and firms that do work for foreign governments, foreign political parties, and sovereign wealth funds in the United States. It could matter most for law firms, lobbying firms, public relations firms, consultants, and financial firms that handle foreign government-linked work. The Justice Department would get stronger tools to investigate possible FARA violations. Congress would get yearly reports on how those tools are used.

Why this matters: Foreign government-linked work can shape U.S. policy and public debate. This bill could make more of that work public, especially work tied to sovereign wealth funds. It could also make FARA enforcement stronger by letting the Justice Department demand information before filing a case. At the same time, it could raise costs and legal uncertainty for firms that do international business. Some investigation records would stay hidden from public records requests, even though they could still be shared inside government.

Key provisions in S. 1488

• The bill narrows FARA's business-work exception. Agents must register if their work promotes the public or political interests of a foreign government or political party, including work for sovereign wealth funds.
• The Attorney General could issue civil investigative demands in FARA investigations. These orders can demand documents, written answers, and sworn testimony. Only the Assistant Attorney General for National Security or a Deputy Attorney General could be named to use this power for the Attorney General.
• The bill sets rules for civil investigative demands. It covers what the order must include, deadlines, how it is delivered in the United States or abroad, protection for privileged material, and how people can challenge or enforce it in federal court.
• Records gathered through civil investigative demands would not be released through the Freedom of Information Act. The bill uses the FOIA(b)(3) exemption, which applies when another law blocks public release.
• Justice Department custodians would have to keep the information gathered through civil investigative demands. Access would be limited, and materials would have to be returned when the investigation and related proceedings are done under the bill's rules.

How Modern Action helps you take action on S. 1488

You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.

Questions people ask about S. 1488

What is S. 1488?

More people and firms would have to report work tied to foreign governments and sovereign wealth funds. The Justice Department could demand records and sworn answers in FARA investigations. Late, missing, or knowingly unfixed filings could bring civil fines.

How do I support or oppose S. 1488?

Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.

Who should I contact about S. 1488?

Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.

Can Modern Action explain S. 1488 before I act?

Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.