Federal Employees Sustainable Investment Act

Subjects: Government Operations and Politics, Employee benefits and pensions, Government employee pay, benefits, personnel management, Securities

Summary:  <p><strong>Federal Employees Sustainable Investment Act </strong></p> <p> This bill establishes a new fund&#8212;the Corporate Responsibility Stock Index Fund&#8212;as an investment option under the Thrift Savings Plan.</p> <p>The Corporate Responsibility Stock Index Fund must be invested in a stock portfolio designed to replicate the performance of a commonly recognized, passively managed index comprised of stocks that meet certain minimum criteria related to corporate responsibility.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1261 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 1261

   To amend title 5, United States Code, to provide for a corporate 
    responsibility investment option under the Thrift Savings Plan.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 28, 2023

    Mr. Schiff (for himself, Ms. Leger Fernandez, Mr. Cleaver, Mr. 
Connolly, and Ms. Schakowsky) 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 for a corporate 
    responsibility investment option under the Thrift Savings Plan.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Employees Sustainable 
Investment Act''.

SEC. 2. CORPORATE RESPONSIBILITY STOCK INDEX FUND.

    (a) Definition.--Section 8438(a) of title 5, United States Code, is 
amended--
            (1) by redesignating paragraphs (2) through (10) as 
        paragraphs (3) through (11), respectively;
            (2) by inserting after paragraph (1) the following:
            ``(2) the term `Corporate Responsibility Stock Index Fund' 
        means the fund established under subsection (b)(1)(G).''; and
            (3) in paragraph (10), as redesignated by paragraph (1) of 
        this subsection, by striking ``paragraph (8)(D)'' each place it 
        appears and inserting ``paragraph (9)(D)''.
    (b) Establishment.--
            (1) In general.--Section 8438(b)(1) of title 5, United 
        States Code, is amended--
                    (A) in subparagraph (E), by striking ``and'' at the 
                end;
                    (B) in subparagraph (F), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(G) a Corporate Responsibility Stock Index Fund as 
        provided under paragraph (6).''.
            (2) Fund requirements.--Section 8438(b) of title 5, United 
        States Code, is amended by adding at the end the following:
    ``(6)(A)(i) The Board shall select a minimum of one index which is 
a commonly recognized, passively managed index comprised of stocks 
(from the United States or international equity markets) that have been 
analyzed and selected based on criteria consistent with the purposes of 
this paragraph.
    ``(ii) The criteria under clause (i) shall at a minimum include--
            ``(I) corporate governance;
            ``(II) environmental practices (including greenhouse gas 
        emissions and contribution to climate change);
            ``(III) workplace relations and benefits;
            ``(IV) product safety and impact;
            ``(V) international operations and human rights;
            ``(VI) involvement with repressive regimes; and
            ``(VII) community relations.
    ``(iii) The historical performance of each index selected under 
this subparagraph shall be comparable to that of the other investment 
funds and options available under this subsection.
    ``(B) The Corporate Responsibility Stock Index Fund shall be 
invested in a portfolio designed to replicate the performance of the 
index in subparagraph (A) (or, if more than one index is selected, the 
overall average performance). The portfolio shall be designed such 
that, to the extent practicable, the percentage of the Corporate 
Responsibility Stock Index Fund that is invested in each stock is the 
same as the percentage determined by dividing the aggregate market 
value of all shares of that stock by the aggregate market value of all 
shares of all stocks included in such index (or indexes).''.
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