TSP Act

I 118TH CONGRESS 1ST SESSION H. R. 3455 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 17, 2023 Mr. WALTZ (for himself, Ms. HOULAHAN, Mr. RUTHERFORD, Ms. STEFANIK, Mr. GALLAGHER, and Mr. PFLUGER) introduced the following bill; which was referred to the Committee on Oversight and Accountability 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 SEC. 2. INVESTMENT OF THRIFT SAVINGS FUND. 6 Section 8438 of title 5, United States Code, is 7 amended by adding at the end the following: 8 VerDate Sep 11 2014 01:31 Jun 06, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3455.IH H3455 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3455 IH ‘‘(i)(1) In this subsection— 1 ‘‘(A) the term ‘country of concern’ means 2 any country (including any special administra- 3 tive region of such country) identified as a 4 threat to the national security of the United 5 States in the most recent report submitted to 6 Congress by the Director of National Intel- 7 ligence under section 108B of the National Se- 8 curity Act of 1947 (50 U.S.C. 3043b) (com- 9 monly referred to as the ‘Annual Threat As- 10 sessment’); 11 ‘‘(B) the terms ‘exchange’, ‘issuer’, and 12 ‘security’ have the meanings given those terms 13 in section 3(a) of the Securities Exchange Act 14 of 1934 (15 U.S.C. 78c(a)); 15 ‘‘(C) the term ‘national securities ex- 16 change’ means an exchange that is registered 17 pursuant to section 6 of the Securities Ex- 18 change Act of 1934 (15 U.S.C. 78f); 19 ‘‘(D) the term ‘publicly listed company’ 20 means an issuer, the securities of which are list- 21 ed on a national securities exchange; and 22 ‘‘(E) the term ‘security of concern’ means 23 a security— 24 VerDate Sep 11 2014 01:31 Jun 06, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3455.IH H3455 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3455 IH ‘‘(i) that is listed on an exchange in a 1 country of concern; 2 ‘‘(ii) the issuer with respect to which 3 is incorporated in, or otherwise subject to 4 the jurisdiction of the government of, a 5 country of concern; or 6 ‘‘(iii) more than 50 percent of the rev- 7 enue of the issuer with respect to which 8 is— 9 ‘‘(I) generated in a country of 10 concern; 11 ‘‘(II) consolidated under gen- 12 erally accepted accounting principles 13 in the United States; and 14 ‘‘(III) after the consolidation de- 15 scribed in subclause (II), incorporated 16 into the financial statement of a pub- 17 licly listed company. 18 ‘‘(2) Notwithstanding any other provision of this sec- 19 tion, no sums in the Thrift Savings Fund may be invested 20 in any security of concern, without regard to— 21 ‘‘(A) the exchange through which the security 22 of concern is purchased; or 23 ‘‘(B) whether the security of concern is pur- 24 chased— 25 VerDate Sep 11 2014 01:31 Jun 06, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3455.IH H3455 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3455 IH ‘‘(i) in synthetic form, such as through an 1 equity swap or similar financial instrument; or 2 ‘‘(ii) through a mutual fund made available 3 through any mutual fund window added pursu- 4 ant to subsection (b)(5). 5 ‘‘(3) The Executive Director shall consult with the 6 Securities and Exchange Commission on a biennial basis 7 in order to ensure compliance with paragraph (2).’’. 8 Æ VerDate Sep 11 2014 01:31 Jun 06, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H3455.IH H3455 kjohnson on DSK79L0C42PROD with BILLS