I 
116TH CONGRESS 
1ST SESSION H. R. 2903 
To amend title 5, United States Code, to prohibit the International Stock 
Index Investment Fund of the Thrift Savings Fund from investing in 
any entity in peer or near-peer competitor nations as outlined in the 
National Defense Strategy, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 22, 2019 
Mr. BANKS introduced the following bill; which was referred to the Committee 
on Oversight and Reform 
A BILL 
To amend title 5, United States Code, to prohibit the Inter-
national Stock Index Investment Fund of the Thrift Sav-
ings Fund from investing in any entity in peer or near- 
peer competitor nations as outlined in the National De-
fense Strategy, 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; FINDINGS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Blocking Investment In Our Adversaries Act’’. 
(b) FINDINGS.—Congress finds the following: 
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(1) Federal retirement plans, including the 
Thrift Savings Plan, invest a total of over $550 bil-
lion on behalf of their plan participants. With such 
an influence, it is critical that U.S. Federal pension 
plans do not contribute to stock earnings for compa-
nies demonstrated to be linked to the economies of 
peer or near-peer competitors, as outlined in the Na-
tional Defense Strategy. 
(2) Large sector international companies such 
as Huawei have repeatedly committed numerous 
crimes such as corporate espionage, violations of 
US-imposed sanctions, violations of international 
property law, and theft. 
(3) The Thrift Savings Plan is the preeminent 
retirement plan for Federal government employees. 
The plan is especially beneficial due to its low serv-
ice fees and high historical returns. The provisions 
outlined in this Act will not increase fees imposed on 
clients of the Thrift Savings Plan. 
(4) Congress acknowledges the conflict between 
fiduciary duties of financial investment firms and 
the responsibility to ensure national security. 
(5) The November 2017 selection of the MSCI 
ACWI Index by the Federal Retirement Thrift In-
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vestment Board, to be effective in 2020, violates the 
terms of this Act, as outlined in section 2. 
SEC. 2. PROHIBITION ON INVESTMENT OF TSP I FUND IN 
PEER AND NEAR-PEER COMPETITORS. 
(a) IN GENERAL.—Section 8438(b)(4) of title 5, 
United States Code, is amended by adding at the end the 
following: 
‘‘(C) The index selected by the Board under subpara-
graph (A) may not include investments in any stock of 
an entity based in a peer or near-peer competitor, includ-
ing China or Russia.’’. 
(b) DIVESTITURE OF ASSETS.—Not later than 30 
days after the date of the enactment of this Act, the Fed-
eral Retirement Thrift Investment Board (as established 
under section 8472(a) of title 5, United States Code), in 
consultation with the manager of the Thrift Savings Fund, 
shall— 
(1) review whether any sums in the Thrift Sav-
ings Fund are invested in contravention of subpara-
graph (C) of section 8438(b)(4) of such title, as 
added by subsection (a); 
(2) if any sums are so invested, and consistent 
with the legal and fiduciary duties provided under 
chapter 84 of such title or any other provision of 
law, divest such sums; and 
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