Defending Pensions from the Chinese Communist Threat Act

Bill: 116-s-5005
Sponsor: full_name: Sen. Blackburn, Marsha [R-TN]
Introduced: 2020-12-10
Policy area: Labor and Employment
Latest action: action_date: 2020-12-10
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2020-12-10
action_desc: Introduced in Senate
text: <p><b>Defending Pensions from the Chinese Communist Threat Act</b><br> <br> This bill prohibits pension plans from investing in certain Chinese military companies.</p>

tv_txt: II 116th CONGRESS 2d Session S. 5005 IN THE SENATE OF THE UNITED STATES December 10, 2020 Mrs. Blackburn introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To require pension plans subject to the requirements of the Employee Retirement Income Security Act of 1974 to establish minimum standards to address the threat from investments that finance Communist Chinese military companies.

1. Short title This Act may be cited as the Defending Pensions from the Chinese Communist Threat Act . 2. Addressing the threat from investments that finance Communist Chinese military companies Not later than one year after the date of enactment of this Act, the Secretary of Labor, in consultation with the Secretary of Defense and, as the Secretary of Labor determines appropriate, heads of other Federal agencies, shall prohibit pension plans (as defined in section 3 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002 )) from investing in any persons on the list of Communist Chinese military companies under section 1237(b) of the Strom Thurmond National Defense Authorization Act of Fiscal Year 1999 ( Public Law 105–261 ; 50 U.S.C. 1702 note).