US SB1488

Removes the commercial activity exemption under the Foreign Agents Registration Act (FARA) for agents of foreign principals whose activities promote public or political interests of foreign governments or political parties, including all activities on behalf of sovereign wealth funds

Grants the Attorney General authority to issue civil investigative demands (requiring production of documents, written interrogatories, or oral testimony) to investigate potential FARA violations, with this authority expiring after 5 years

Only the Assistant Attorney General for National Security or a Deputy Attorney General may be designated to exercise civil investigative demand authority

Establishes civil penalties for FARA violations: up to $10,000 for failing to file registration statements, up to $1,000 for failing to file supplements, and up to $200,000 for knowingly failing to remedy deficient filings or other violations

Requires the Attorney General to submit annual reports to Congress detailing the number of civil investigative demands issued, the nature of alleged violations investigated, enforcement petitions filed, and FARA registrations received