In recent months, Congress’s efforts to reform dramatically the Foreign Agents Registration Act (“FARA”) have picked up steam. As we explained in our recent FARA guide, FARA is a complex and broadly worded criminal statute that requires any “agent of a foreign principal” to register with the Department of Justice and file detailed public reports every six months. The breadth of the statute, its criminal penalties, the absence of interpretive guidance, and the growing attention paid to the 1930s era law by federal prosecutors combine to create dangerous and difficult-to-manage risks for multinational companies, lobbying firms, and public relations firms.  FARA reform bills making their way through Congress could introduce new uncertainties and sweep still more companies within the statute’s broad scope.  In a new client alert, Covington provides a summary of the two bills under consideration, describes the current state of play, and reviews the bills’ implications for multinational and foreign corporations and lobbying and public relations firms with foreign clients.