I 
118TH CONGRESS 
1ST SESSION H. R. 4008 
To amend the Employment Retirement Income Security Act of 1974 to 
prohibit plan investments in foreign adversary and sanctioned entities, 
require disclosure of existing investments in such entities, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 12, 2023 
Mr. BANKS (for himself, Mr. GALLAGHER, Mr. MOOLENAAR, and Mr. WITT-
MAN) introduced the following bill; which was referred to the Committee 
on Education and the Workforce 
A BILL 
To amend the Employment Retirement Income Security Act 
of 1974 to prohibit plan investments in foreign adversary 
and sanctioned entities, require disclosure of existing in-
vestments in such entities, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Protecting Americans’ 
Retirement Savings Act’’ or ‘‘PARSA’’. 
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SEC. 2. PROHIBITION ON INVESTMENT IN CERTAIN ENTI-
TIES. 
Section 404(a) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1104(a)) is amended by 
adding at the end the following: 
‘‘(3) PROHIBITION ON INVESTMENT IN CERTAIN EN-
TITIES.— 
‘‘(A) IN GENERAL.—For purposes of paragraph 
(1), a fiduciary of a plan may not be considered to 
act solely in the interest of the participants and 
beneficiaries of the plan if such fiduciary does not 
ensure that such plan does not engage in a trans-
action that the fiduciary knows, or should know, will 
result in the plan— 
‘‘(i) acquiring an interest (as defined in 
section 103(h)) between the plan and a sanc-
tioned entity or foreign adversary entity (as 
each such term is defined in section 103(h)); 
‘‘(ii) lending money or extending credit to 
such an entity; 
‘‘(iii) furnishing goods, services, or facili-
ties to such an entity; or 
‘‘(iv) transferring, directly or indirectly, to 
or for use by or for the benefit of such an enti-
ty— 
‘‘(I) any assets of the plan; or 
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‘‘(II) any data with respect to any 
participant or beneficiary of the plan. 
For the purposes of subclause (II), the term ‘fi-
duciary’ includes any person who exercises di-
rect or indirect discretionary authority, respon-
sibility, or control with respect to any partici-
pant beneficiary data. 
‘‘(B) CONTINUATION
OF
CURRENT
INVEST-
MENTS.—In the case of a plan holding an invest-
ment in a sanctioned entity or foreign adversary en-
tity on the date of enactment of the Protecting 
Americans’ Retirement Savings Act, such plan may 
continue to hold such investment if the fiduciary of 
such plan complies with the requirements of sub-
paragraphs (I) and (J) of section 103(b)(3). 
‘‘(C) CONTRACTUALLY
OBLIGATED
INVEST-
MENTS.—In the case of a plan that has entered into 
a binding agreement prior to the date of enactment 
of the Protecting Americans’ Retirement Savings 
Act obligating such plan to engage in a transaction 
described under subparagraph (A), if the fiduciary 
of such plan complies with the requirements of sub-
paragraphs (I), (J), and (K) of section 103(b)(3), 
such plan may fulfill the terms of such agreement 
until such agreement— 
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‘‘(i) expires; or 
‘‘(ii) allows for termination.’’. 
SEC. 3. ADDITIONAL DISCLOSURES FOR EMPLOYEE RE-
TIREMENT FUNDS. 
(a) IN GENERAL.—Section 103(b)(3) of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1023(b)(3)) is amended— 
(1) in subparagraph (H)(iv), by striking the pe-
riod at the end and inserting ‘‘; and’’; and 
(2) by inserting at the end the following: 
‘‘(I) a separate statement of all assets in the 
plan that consist, in whole or in part, of an interest 
in a sanctioned entity, including— 
‘‘(i) the aggregate value of such assets in 
the plan; 
‘‘(ii) the identity of each sanctioned entity 
in which such plan holds an interest; and 
‘‘(iii) information identifying each list 
under subsection (h)(5) on which such sanc-
tioned entity is listed, and the reasons for which 
an entity may be placed on such list; 
‘‘(J) a separate statement of all assets in the 
plan that consist, in whole or in part, of an interest 
in a foreign adversary entity, including— 
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‘‘(i) the aggregate value of such assets in 
the plan; 
‘‘(ii) the specific interest, and value there-
of, that such plan holds in each such foreign 
adversary entity; 
‘‘(iii) the name of any investment vehicle 
through which the plan holds such interest; 
‘‘(iv) the name of the fiduciary responsible 
for such investment; and 
‘‘(v) a brief statement of factors considered 
by the fiduciary in maintaining such invest-
ment; 
‘‘(K) a description of any ongoing agreement 
subject to section 404(a)(3)(C), including— 
‘‘(i) the assets involved in such agreement; 
‘‘(ii) the date on which such agreement ex-
pires; 
‘‘(iii) the date on which such commitment 
may be terminated; and 
‘‘(iv) such other information as the Sec-
retary may deem appropriate.’’. 
(b) DEFINITIONS.—Section 103 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1023) 
is further amended by adding at the end the following new 
subsection: 
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‘‘(h) DEFINITIONS.—In this section: 
‘‘(1) CONTROL.—The term ‘control’ has the 
meaning given in section 800.208 of title 31, Code 
of Federal Regulations (as in effect on the date of 
enactment of this Act). 
‘‘(2) 
EXPORT
ADMINISTRATION
REGULA-
TIONS.—The term ‘Export Administration Regula-
tions’ means the regulations set forth in subchapter 
C of chapter VII of title 15, Code of Federal Regu-
lations, or successor regulations. 
‘‘(3) FOREIGN ADVERSARY.—The term ‘foreign 
adversary’— 
‘‘(A) has the meaning given the term ‘cov-
ered nation’ in section 4872(d) of title 10, 
United States Code (as in effect on the date of 
enactment of this Act); and 
‘‘(B) includes any Special Administrative 
Region of any such covered nation. 
‘‘(4) FOREIGN ADVERSARY ENTITY.—The term 
‘foreign adversary entity’ means— 
‘‘(A) any official governmental body at any 
level in a foreign adversary; 
‘‘(B) the armed forces of a foreign adver-
sary; 
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‘‘(C) the leading political party of a foreign 
adversary; 
‘‘(D) a person organized under the laws of, 
headquartered in, or with its principal place of 
business in a foreign adversary; or 
‘‘(E) a person subject to the direction or 
control of an entity listed in subparagraphs (A) 
through (D). 
‘‘(5) INTEREST.—The term ‘interest’ includes 
any interest— 
‘‘(A) held directly or indirectly through any 
chain of ownership; or 
‘‘(B) held as a derivative financial instru-
ment or other contractual arrangement with re-
spect to such sanctioned entity, including any 
financial instrument or other contract which 
seeks to replicate any financial return with re-
spect to a sanctioned entity or interest in such 
sanctioned entity. 
‘‘(6) SANCTIONED
ENTITY.—The term ‘sanc-
tioned entity’ means an entity listed on any of the 
following lists: 
‘‘(A) The Non-SDN Chinese Military-In-
dustrial Complex Companies List (NS–CMIC 
List) maintained by the Office of Foreign As-
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sets Control of the Department of the Treasury 
under Executive Order 14032 (86 Fed. Reg. 
30145), or any successor order. 
‘‘(B) The list of Chinese military compa-
nies identified by the Secretary of Defense pur-
suant to section 1260H of the William M. 
(Mac) Thornberry National Defense Authoriza-
tion Act for Fiscal Year 2021 (Public Law 
116–283; 10 U.S.C. 113 note). 
‘‘(C) The Entity List maintained by the 
Department of Commerce and set forth in Sup-
plement No. 4 to part 744 of the Export Ad-
ministration Regulations. 
‘‘(D) The Denied Persons List maintained 
by the Department of Commerce and described 
in section 764.3(a)(2) of the Export Adminis-
tration Regulations. 
‘‘(E) The Unverified List set forth in Sup-
plement No. 6 to part 744 of the Export Ad-
ministration Regulations. 
‘‘(F) The Military End User List set forth 
in Supplement No. 7 to part 744 of the Export 
Administration Regulations. 
‘‘(G) The list of companies whose equip-
ment or services are maintained by the Federal 
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Communications Commission under section 2(a) 
of the Secure and Trusted Communications 
Networks Act of 2019 (47 U.S.C. 1601(a)), 
commonly referred to as the FCC Covered list. 
‘‘(H) The Uyghur Forced Labor Preven-
tion Act Entity List maintained by the Depart-
ment of Homeland Security pursuant to Public 
Law 117–78. 
‘‘(I) The Withhold Release Orders and 
Findings List maintained by the Commissioner 
of U.S. Customs and Border Protection pursu-
ant to Public Law 117–78.’’. 
(c) EFFECTIVE DATE.— 
(1) REGULATIONS REQUIRED.—Not more than 
180 days after the enactment of this Act, the Sec-
retary shall issue regulations implementing this Act. 
(2) EFFECTIVE DATE OF REGULATIONS.—The 
regulations issued under paragraph (1) shall take ef-
fect not later than 1 year after the date of enact-
ment of this Act. 
Æ 
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