A violation can cost $1 million or three times the purchase price
What the document says“may bring an action against a large institutional investor that violates subsection (b) for a civil penalty in an amount that is not more than $1,000,000 per violation, or 3 times the purchase price of the property involved, whichever is greater.”
The section lets the Secretary of the Treasury, or the Attorney General at the Secretary's request, sue a large institutional investor that breaks the prohibition for a civil penalty of up to $1,000,000 per violation or three times the purchase price of the property, whichever is greater.
What the document actually says“may bring an action against a large institutional investor that violates subsection (b) for a civil penalty in an amount that is not more than $1,000,000 per violation, or 3 times the purchase price of the property involved, whichever is greater.”
The government may sue an investor that breaks the ban. The penalty can reach a million dollars for each breach. It can also be three times the price paid. Whichever is bigger applies.
The Treasury brings the case, or asks the Attorney General to. A civil penalty is a fine, not a criminal charge. The larger of the two figures is used.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.