Title: IMPAIR Russia Act
Policy area: Finance and Financial Sector

Summary:
Instituting Measures to Protect American Investors and Retirees from Russia Act of 2022 or the IMPAIR Russia Act
This bill prohibits investment companies and other institutional investors from purchasing securities issued by a Russian entity.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3733 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 3733

To prohibit investment by institutional investors in securities issued 
                          by Russian entities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 2, 2022

   Mr. Rubio introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To prohibit investment by institutional investors in securities issued 
                          by Russian entities.

    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 ``Instituting Measures to Protect 
American Investors and Retirees from Russia Act of 2022'' or the 
``IMPAIR Russia Act''.

SEC. 2. PROHIBITION ON INVESTMENT IN SECURITIES OF RUSSIAN ENTITIES.

    (a) In General.--An institutional investor may not purchase a 
security issued by a Russian entity on or after the date of the 
enactment of this Act.
    (b) Implementation; Penalties.--
            (1) Implementation.--The President may exercise all 
        authorities provided under sections 203 and 205 of the 
        International Emergency Economic Powers Act (50 U.S.C. 1702 and 
        1704) to carry out subsection (a).
            (2) Penalties.--A person that violates, attempts to 
        violate, conspires to violate, or causes a violation of 
        subsection (a) or any regulation, license, or order issued to 
        carry out that subsection shall be subject to the penalties set 
        forth in subsections (b) and (c) of section 206 of the 
        International Emergency Economic Powers Act (50 U.S.C. 1705) to 
        the same extent as a person that commits an unlawful act 
        described in subsection (a) of that section.
    (c) Definitions.--In this section:
            (1) Institutional investor.--The term ``institutional 
        investor'' means--
                    (A) an investment company, as defined in section 3 
                of the Investment Company Act of 1940 (15 U.S.C. 80a-
                3), or any person that would be an investment company 
                but for the application of paragraph (1) or (7) of 
                subsection (c) of that section;
                    (B) an insurance company, as defined in section 
                2(a) of the Investment Company Act of 1940 (15 U.S.C. 
                80a-2(a)); or
                    (C) a fiduciary, within the meaning of section 
                3(21) of the Employee Retirement Income Security Act of 
                1974 (29 U.S.C. 1002(21)).
            (2) Russian entity.--The term ``Russian entity'' means an 
        entity organized under the laws of the Russian Federation or 
        otherwise subject to the jurisdiction of the Government of the 
        Russian Federation.
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