I 
119TH CONGRESS 
1ST SESSION H. R. 2067 
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 
MARCH 11, 2025 
Mr. MOOLENAAR introduced the following bill; which was referred to the 
Committee on Education and 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.—It shall be a violation of 
paragraph (1) for a fiduciary of a plan to fail to en-
sure that the plan does not engage in a transaction 
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 covered 
entity; 
‘‘(ii) lending money or extending credit to 
a covered entity; 
‘‘(iii) furnishing goods, services, or facili-
ties to a covered entity; and 
‘‘(iv) transferring, directly or indirectly, to 
or for use by or for the benefit of a covered en-
tity— 
‘‘(I) any assets of the plan; or 
‘‘(II) any data with respect to any 
participant or beneficiary of the plan. 
‘‘(B) DEFINITIONS.— 
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such plan complies with the requirements of sub-
paragraphs (I), (J), and (K) of section 103(b)(3), 
such plan may, notwithstanding subparagraph (A), 
fulfill the terms of such agreement without violating 
paragraph (1) until such agreement— 
‘‘(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 statement of all assets in the plan that 
consist, in whole or in part, of an interest in a sanc-
tioned 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-
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tioned entity is listed, and the reasons for which 
an entity may be placed on such list. 
‘‘(J) a statement of all assets in the plan that 
consist, in whole or in part, of an interest in a for-
eign adversary entity, including— 
‘‘(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)(D), 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 
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‘‘(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: 
‘‘(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 the Protecting Americans’ Retirement 
Savings 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. 
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‘‘(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; 
‘‘(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 a sanctioned entity or foreign adver-
sary entity, including any financial instrument 
or other contract which seeks to replicate any 
financial return with respect to such an entity 
or an interest in such an entity. 
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‘‘(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-
sets Control of the Department of the Treasury 
under Executive Order 14032 (86 Fed. Reg. 
30145; relating to Addressing the Threat From 
Securities Investments That Finance Certain 
Companies of the People’s Republic of China), 
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 
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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 
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 pursuant to 
section 2(d)(2)(B) of the Act entitled ‘An Act 
to ensure that goods made with forced labor in 
the Xinjiang Uyghur Autonomous Region of the 
People’s Republic of China do not enter the 
United States market, and for other purposes’, 
approved December 23, 2021 (Public Law 117– 
78). 
‘‘(I) The Withhold Release Orders and 
Findings List maintained by the Commissioner 
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of U.S. Customs and Border Protection pursu-
ant to the Act entitled ‘An Act to ensure that 
goods made with forced labor in the Xinjiang 
Uyghur Autonomous Region of the People’s Re-
public of China do not enter the United States 
market, and for other purposes’, approved De-
cember 23, 2021 (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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