TSP Act

I 117TH CONGRESS 1ST SESSION H. R. 3553 To amend title 5, United States Code, to provide that sums in the Thrift Savings Fund may not be invested in securities that are listed on certain foreign exchanges, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MAY 25, 2021 Mr. WALTZ (for himself, Ms. HOULAHAN, Mr. JOYCE of Pennsylvania, Mr. DIAZ-BALART, Mr. GALLAGHER, Mr. WEBER of Texas, Mr. GOODEN of Texas, Ms. STEFANIK, Mr. POSEY, Mr. HIGGINS of Louisiana, Mrs. MCCLAIN, Mr. ROY, Mr. GOHMERT, Mr. DUNN, Mrs. HINSON, Mr. WOMACK, Ms. CHENEY, Mr. GAETZ, Mr. MAST, and Mr. BISHOP of North Carolina) introduced the following bill; which was referred to the Committee on Oversight and Reform A BILL To amend title 5, United States Code, to provide that sums in the Thrift Savings Fund may not be invested in securities that are listed on certain foreign exchanges, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Taxpayers and Savers 4 Protection Act’’ or the ‘‘TSP Act’’. 5 VerDate Sep 11 2014 22:56 Jun 23, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3553.IH H3553 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3553 IH SEC. 2. INVESTMENT OF THRIFT SAVINGS FUND. 1 Section 8438 of title 5, United States Code, is 2 amended by adding at the end the following: 3 ‘‘(i)(1) In this subsection— 4 ‘‘(A) the term ‘PCAOB’ means the Public Com- 5 pany Accounting Oversight Board; and 6 ‘‘(B) the term ‘registered public accounting 7 firm’ has the meaning given the term in section 2(a) 8 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 9 7201(a)). 10 ‘‘(2) Notwithstanding any other provision of this sec- 11 tion, no sums in the Thrift Savings Fund may be invested 12 in any security that is listed on an exchange in a jurisdic- 13 tion in which the PCAOB is prevented from conducting 14 a complete inspection or investigation of a registered pub- 15 lic accounting firm under section 104 of the Sarbanes- 16 Oxley Act of 2002 (15 U.S.C. 7214) because of a position 17 taken by an authority in that jurisdiction, as determined 18 by the PCAOB. 19 ‘‘(3) The Board shall consult with the Securities and 20 Exchange Commission on a biennial basis in order to en- 21 sure compliance with paragraph (2).’’. 22 Æ VerDate Sep 11 2014 22:56 Jun 23, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3553.IH H3553 kjohnson on DSK79L0C42PROD with BILLS