TSP Act

I 116TH CONGRESS 2D SESSION H. R. 6614 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 APRIL 23, 2020 Mr. WALTZ (for himself, Mr. GALLAGHER, Ms. CHENEY, Mr. GAETZ, Mr. WRIGHT, Mr. BANKS, Mr. COMER, Mr. ARRINGTON, Mr. POSEY, Mr. RODNEY DAVIS of Illinois, Mr. MITCHELL, Mr. SPANO, Mr. DUNN, Mr. SMITH of Missouri, Mr. FERGUSON, Mrs. RODGERS of Washington, Mr. HIGGINS of Louisiana, Mr. BURCHETT, Mr. GRAVES of Louisiana, and Mr. BAIRD) introduced the following bill; which was referred to the Com- mittee 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 21:56 Apr 27, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6614.IH H6614 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 6614 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— 14 ‘‘(A) has never conducted an inspection or in- 15 vestigation of a registered public accounting firm 16 under section 104 of the Sarbanes-Oxley Act of 17 2002 (15 U.S.C. 7214); and 18 ‘‘(B) is prevented from conducting a complete 19 inspection or investigation described in subpara- 20 graph (A) because of a position taken by an author- 21 ity in that jurisdiction, as determined by the 22 PCAOB. 23 VerDate Sep 11 2014 21:56 Apr 27, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6614.IH H6614 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 6614 IH ‘‘(3) The Board shall consult with the Securities and 1 Exchange Commission on a biennial basis in order to en- 2 sure compliance with paragraph (2).’’. 3 Æ VerDate Sep 11 2014 21:56 Apr 27, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H6614.IH H6614 kjohnson on DSK79L0C42PROD with BILLS