TSP Act

Bill: 116-s-2791
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2019-11-06
Policy area: Government Operations and Politics
Subjects: Accounting and auditing

Corporate finance and management

Employee benefits and pensions

Financial services and investments

Government employee pay, benefits, personnel management

Securities
Latest action: action_date: 2019-11-06
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Summaries:
action_date: 2019-11-06
action_desc: Introduced in Senate
text: <p><b>Taxpayers and Savers Protection Act or the TSP Act</b></p> <p>This bill prohibits any sums in the Thrift Savings Fund from being invested in a security that is listed on an exchange in a jurisdiction in which the Public Company Accounting Oversight Board (1) has never conducted the mandatory inspection or investigation of a registered public accounting firm, and (2) is prevented from conducting such inspection or investigation because of a position taken by an authority in that jurisdiction. </p>

tv_txt: II 116th CONGRESS 1st Session S. 2791 IN THE SENATE OF THE UNITED STATES November 6, 2019 Mr. Rubio (for himself, Mrs. Shaheen , Mr. Romney , Mrs. Gillibrand , Mr. Scott of Florida , Mr. Hawley , and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs 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.

1. Short title This Act may be cited as the Taxpayers and Savers Protection Act or the TSP Act . 2. Investment of Thrift Savings Fund Section 8438 of title 5, United States Code, is amended by adding at the end the following: (i) (1) In this subsection— (A) the term PCAOB means the Public Company Accounting Oversight Board; and (B) the term registered public accounting firm has the meaning given the term in section 2(a) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7201(a) ). (2) Notwithstanding any other provision of this section, no sums in the Thrift Savings Fund may be invested in any security that is listed on an exchange in a jurisdiction in which the PCAOB— (A) has never conducted an inspection or investigation of a registered public accounting firm under section 104 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7214 ); and (B) is prevented from conducting a complete inspection or investigation described in subparagraph (A) because of a position taken by an authority in that jurisdiction, as determined by the PCAOB. (3) The Board shall consult with the Securities and Exchange Commission on a biennial basis in order to ensure compliance with paragraph (2). .