The purpose of this legislation is to amend the Higher Education Act of 1965 to improve the fairness and transparency of college admissions practices. It aims to ensure that institutions of higher education do not give preferential treatment to applicants based on their connections to alumni or donors. Additionally, it calls for a study to explore better methods of collecting data on admissions practices. Key provisions of the law include a requirement for colleges to adopt admissions practices that do not favor applicants based on their relationships with alumni or donors.