Title: TSP Act of 2022
Policy area: Government Operations and Politics

Summary:
Terminating Securities from Putin Act of 2022 or the TSP Act of 2022
This bill limits the investments of funds under the Thrift Savings Plan (TSP). Specifically, it prohibits TSP funds, including funds that are accessible through the TSP mutual fund window, from investing in any entity that is based in Russia. The bill also prohibits funds that are accessible through the TSP mutual fund window from investing in any subsidiary of such an entity.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7113 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7113

 To amend title 5, United States Code, to prohibit sums in the Thrift 
Savings Fund from being invested in any security of an entity based in 
            the Russian Federation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2022

   Mr. Budd 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 sums in the Thrift 
Savings Fund from being invested in any security of an entity based in 
            the Russian Federation, and for other purposes.

    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 ``Terminating Securities from Putin 
Act of 2022'' or the ``TSP Act of 2022''.

SEC. 2. PROHIBITION ON ANY TSP FUND INVESTING IN ENTITIES BASED IN THE 
              RUSSIAN FEDERATION.

    (a) In General.--Section 8438 of title 5, United States Code, is 
amended by adding at the end the following:
    ``(i) Notwithstanding any other provision of this section, no fund 
established or overseen by the Board may include an investment in any 
security of an entity based in the Russian Federation.''.
    (b) Divestiture of Assets.--Not later than 30 days after the date 
of enactment of this Act, the Federal Retirement Thrift Investment 
Board established under section 8472(a) of title 5, United States Code, 
shall--
            (1) review whether any sums in the Thrift Savings Fund are 
        invested in violation of subsection (i) of section 8438 of that 
        title, as added by subsection (a) of this section;
            (2) if any sums are invested in the manner described in 
        paragraph (1), divest those sums in a manner that is consistent 
        with the legal and fiduciary duties provided under chapter 84 
        of that title, or any other applicable provision of law; and
            (3) reinvest any sums divested under paragraph (2) in 
        investments that do not violate subsection (i) of section 8438 
        of that title, as added by subsection (a) of this section.

SEC. 3. PROHIBITION ON INVESTMENT OF TSP FUNDS IN ENTITIES BASED IN THE 
              RUSSIAN FEDERATION THROUGH THE TSP MUTUAL FUND WINDOW.

    Section 8438(b)(5) of title 5, United States Code, is amended by 
adding at the end the following:
            ``(E) A mutual fund accessible through a mutual fund window 
        authorized under this paragraph may not include an investment 
        in any security of--
                    ``(i) an entity based in the Russian Federation; or
                    ``(ii) any subsidiary that is owned or operated by 
                an entity described in clause (i).''.
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