Defending Pensions from the Chinese Communist Threat Act

II 116TH CONGRESS 2D SESSION S. 5005 To require pension plans subject to the requirements of the Employee Retire- ment Income Security Act of 1974 to establish minimum standards to address the threat from investments that finance Communist Chinese military companies. IN THE SENATE OF THE UNITED STATES DECEMBER 10, 2020 Mrs. BLACKBURN introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To require pension plans subject to the requirements of the Employee Retirement Income Security Act of 1974 to establish minimum standards to address the threat from investments that finance Communist Chinese mili- tary companies. 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 ‘‘Defending Pensions 4 from the Chinese Communist Threat Act’’. 5 VerDate Sep 11 2014 18:14 Dec 16, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S5005.IS S5005 pamtmann on DSKBC07HB2PROD with BILLS 2 •S 5005 IS SEC. 2. ADDRESSING THE THREAT FROM INVESTMENTS 1 THAT FINANCE COMMUNIST CHINESE MILI- 2 TARY COMPANIES. 3 Not later than one year after the date of enactment 4 of this Act, the Secretary of Labor, in consultation with 5 the Secretary of Defense and, as the Secretary of Labor 6 determines appropriate, heads of other Federal agencies, 7 shall prohibit pension plans (as defined in section 3 of the 8 Employee Retirement Income Security Act of 1974 (29 9 U.S.C. 1002)) from investing in any persons on the list 10 of Communist Chinese military companies under section 11 1237(b) of the Strom Thurmond National Defense Au- 12 thorization Act of Fiscal Year 1999 (Public Law 105–261; 13 50 U.S.C. 1702 note). 14 Æ VerDate Sep 11 2014 18:14 Dec 16, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S5005.IS S5005 pamtmann on DSKBC07HB2PROD with BILLS