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-
tives 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’’ or the ‘‘TSP Act’’. 
SEC. 2. INVESTMENT OF THRIFT SAVINGS FUND. 
Section 8438 of title 5, United States Code, is 
amended by adding at the end the following: 
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‘‘(i)(1) In this subsection— 
‘‘(A) the term ‘country of concern’ means 
any country (including any special administra-
tive 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 Intel-
ligence under section 108B of the National Se-
curity Act of 1947 (50 U.S.C. 3043b) (com-
monly referred to as the ‘Annual Threat As-
sessment’); 
‘‘(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 ex-
change’ means an exchange that is registered 
pursuant to section 6 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78f); 
‘‘(D) the term ‘publicly listed company’ 
means an issuer, the securities of which are list-
ed on a national securities exchange; and 
‘‘(E) the term ‘security of concern’ means 
a security— 
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‘‘(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 rev-
enue of the issuer with respect to which 
is— 
‘‘(I) generated in a country of 
concern; 
‘‘(II) consolidated under gen-
erally accepted accounting principles 
in the United States; and 
‘‘(III) after the consolidation de-
scribed in subclause (II), incorporated 
into the financial statement of a pub-
licly listed company. 
‘‘(2) Notwithstanding any other provision of this sec-
tion, 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 pur-
chased— 
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