TSP Act of 2023

Subjects: Government Operations and Politics


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1650 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                S. 1650

   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 SENATE OF THE UNITED STATES

                              May 17, 2023

 Mr. Rubio (for himself, Mrs. Shaheen, Ms. Ernst, Mr. Hawley, and Mr. 
 Scott of Florida) introduced the following bill; which was read twice 
  and referred to the Committee on Homeland Security and Governmental 
                                Affairs

_______________________________________________________________________

                                 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayers and Savers Protection Act 
of 2023'' or the ``TSP Act of 2023''.

SEC. 2. INVESTMENT OF THRIFT SAVINGS FUND.

    Section 8438 of title 5, United States Code, is amended by adding 
at the end the following:
    ``(i)(1) In this subsection--
                    ``(A) the term `country of concern' means any 
                country (including any special administrative region of 
                such country) identified as a threat to the national 
                security of the United States in the most recent report 
                submitted to Congress by the Director of National 
                Intelligence under section 108B of the National 
                Security Act of 1947 (50 U.S.C. 3043b) (commonly 
                referred to as the `Annual Threat Assessment');
                    ``(B) the terms `exchange', `issuer', and 
                `security' have the meanings given those terms in 
                section 3(a) of the Securities Exchange Act of 1934 (15 
                U.S.C. 78c(a));
                    ``(C) the term `national securities exchange' means 
                an exchange that is registered pursuant to section 6 of 
                the Securities Exchange Act of 1934 (15 U.S.C. 78f);
                    ``(D) the term `publicly listed company' means an 
                issuer, the securities of which are listed on a 
                national securities exchange; and
                    ``(E) the term `security of concern' means a 
                security--
                            ``(i) that is listed on an exchange in a 
                        country of concern;
                            ``(ii) the issuer with respect to which is 
                        incorporated in, or otherwise subject to the 
                        jurisdiction of the government of, a country of 
                        concern; or
                            ``(iii) more than 50 percent of the revenue 
                        of the issuer with respect to which is--
                                    ``(I) generated in a country of 
                                concern;
                                    ``(II) consolidated under generally 
                                accepted accounting principles in the 
                                United States; and
                                    ``(III) after the consolidation 
                                described in subclause (II), 
                                incorporated into the financial 
                                statement of a publicly listed company.
    ``(2) Notwithstanding any other provision of this section, no sums 
in the Thrift Savings Fund may be invested in any security of concern, 
without regard to--
            ``(A) the exchange through which the security of concern is 
        purchased; or
            ``(B) whether the security of concern is purchased--
                    ``(i) in synthetic form, such as through an equity 
                swap or similar financial instrument; or
                    ``(ii) through a mutual fund made available through 
                any mutual fund window added pursuant to subsection 
                (b)(5).
    ``(3) The Executive Director shall consult with the Securities and 
Exchange Commission on a biennial basis in order to ensure compliance 
with paragraph (2).''.
                                 &lt;all&gt;
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