SEC to track U.S. capital flowing to hostile nations—and name names
S. 3562 — Disclosing Investments in Foreign Adversaries Act of 2025 · Filed by Rick Scott (R-FL) · 1 cosponsor · Introduced Dec 18, 2025 · Referred to committee
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What it does
This bill requires private investment fund advisers managing $150 million or more to disclose annually to the SEC how much of their clients' money is invested in countries deemed hostile to the U.S. (China, Russia, Iran, North Korea, and others designated by the State Department). It also requires companies raising $25 million or more through private securities offerings to disclose their ownership, whether they have ties to hostile nations, and how they plan to use the money—with the SEC publishing quarterly reports on issuers connected to countries of concern. Citizens gain transparency into whether their retirement funds or institutional investments are flowing to adversarial regimes; the SEC gains enforcement authority to restrict future offerings by non-compliant issuers.
Why we flagged it
The bill's core mechanism is a transparency and reporting requirement, not a prohibition or subsidy. It mandates disclosure of capital flows to hostile nations and gives the SEC authority to enforce compliance through future offering restrictions. The functional character is regulatory transparency with national-security alignment.
What the text implies
- SEC gains discretionary authority to 'set conditions that limit the future use of covered exempted transactions' for non-compliant issuers—a de facto enforcement power that could restrict capital formation for companies with foreign ties, even if disclosure is complete.
- Definition of 'country of concern' is delegated to SEC in consultation with State and Treasury, creating regulatory flexibility but also potential for political weaponization of the definition to target specific nations or industries.
- Private fund advisers with $150M+ AUM face new compliance costs and potential reputational risk if their portfolios show significant exposure to hostile nations, which may indirectly pressure them to divest or avoid such investments—a market effect not explicitly mandated but likely.
- Quarterly public reports naming issuers with hostile-nation ties may create market stigma or secondary sanctions pressure on companies, even if their foreign investment is lawful and disclosed.
- The bill applies retroactively to 'any covered exempted transaction that occurs on or after the date that is 1 year after enactment'—a one-year grace period, but issuers will face disclosure obligations for deals already in flight.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Ordinary citizens and institutional investors (pension funds, endowments, insurance companies) gain transparency into whether their capital is being deployed to hostile foreign regimes, enabling informed decision-making and reducing hidden geopolitical risk. The SEC gains tools to enforce compliance and restrict future offerings by bad actors, strengthening market integrity and national security alignment without imposing direct costs on citizens.
Named in the bill
Securities and Exchange Commission (SEC), Investment Advisers Act of 1940, Securities Exchange Act of 1934, Secretary of State, Secretary of the Treasury, Private fund advisers, Exempt-offering issuers, Countries of concern (China, Russia, Iran, North Korea, etc.)
Where it stands
1 cosponsor: 1 Democrats.
- Dec 18, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Dec 18, 2025 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
1 lobbying clients named this bill on 1 disclosure filings across 1 quarter, Jun 2026 to Jun 2026. Those filings disclosed $590,000 in lobbying spend. A filing names 40 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 0% of bills with at least one filing.
Rick Scott, the sponsor, reported $69,750 in PAC receipts in the 2026 cycle.
- Blood Cancer United (fka the Leukemia & Lymphoma Society) — $590,000 on 1 filing
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (7,657 characters) on Sep 5, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Jun 2026 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
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