TSP Act of 2022

Bill: 117-hr-7113
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2022-03-17
Policy area: Government Operations and Politics
Subjects: Corporate finance and management

Employee benefits and pensions

Europe

Financial services and investments

Foreign and international corporations

Government employee pay, benefits, personnel management

Russia

Securities

U.S. and foreign investments
Latest action: action_date: 2022-03-17
text: Referred to the House Committee on Oversight and Reform.

Summaries:
action_date: 2022-03-17
action_desc: Introduced in House
text: <p><b>Terminating Securities from Putin Act of 2022 or the TSP Act of 2022</b></p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7113 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.

1. Short title This Act may be cited as the Terminating Securities from Putin Act of 2022 or the TSP Act of 2022 . 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. 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). .