This bill, named the "Protecting Endowments from Our Adversaries Act," introduces new excise taxes on certain investments held by private colleges and universities. It targets institutions with an aggregate fair market value of assets exceeding $1,000,000,000 , excluding those used directly for their exempt purpose. The legislation aims to discourage investments in entities deemed adversaries or security risks by the U.S. government. The core of the tax applies to "listed investments," which are specified interests (such as stock, debt, or derivatives) in persons appearing on one or more designated government lists. These lists include: the Entity List maintained by the Secretary of Commerce, the Military End User (MEU) List , the Unverified List , and the FCC Covered List . Investments made through pooled funds like regulated investment companies or exchange-traded funds are also covered, though a certification process for funds without listed investments will be established. The bill imposes two distinct excise taxes. First, a 50 percent tax is levied on the fair market value of any listed investments acquired by a specified educational institution during a taxable year. Second, a 100 percent tax is imposed on the net income (income minus deductions, and gains minus losses) derived from "1-year listed investments," which are those that have been listed for at least one year, with the Secretary establishing a list of these "listed persons" for compliance.