The proposed bill aims to restrict public bodies in Michigan from accepting gifts, grants, or entering into agreements with foreign actors, particularly those from designated "foreign countries of concern," which include nations such as China, Russia, and Iran. It establishes specific conditions under which public bodies may not engage with these foreign entities, particularly if such agreements could compromise the safety and security of the United States or its residents. Additionally, the bill mandates that public bodies disclose any gifts or grants valued at $50,000 or more from foreign sources to the Department of Insurance and Financial Services within 30 days of receipt, ensuring transparency and accountability.

Furthermore, the bill outlines civil sanctions for violations of the disclosure requirements and establishes a framework for the investigation of alleged violations. It requires designated persons applying for grants or contracts valued at $100,000 or more to submit disclosures regarding their interests with foreign countries of concern. The Department of Technology, Management, and Budget is tasked with screening individuals who have received significant grants or contracts to ensure compliance with federal trade sanctions. The bill also allows for the promulgation of rules to facilitate its implementation, reinforcing the state's commitment to safeguarding its public bodies from foreign influence.