IMPAIR Russia Act

Bill: 117-s-3733
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2022-03-02
Policy area: Finance and Financial Sector
Subjects: Employee benefits and pensions

Europe

Financial services and investments

Foreign and international corporations

Insurance industry and regulation

Presidents and presidential powers, Vice Presidents

Russia

Securities

U.S. and foreign investments

War and emergency powers
Latest action: action_date: 2022-03-02
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-03-02
action_desc: Introduced in Senate
text: <p><strong>Instituting Measures to Protect American Investors and Retirees from Russia Act of 2022 or the IMPAIR Russia Act</strong></p> <p>This bill prohibits investment companies and other institutional investors from purchasing securities issued by a Russian entity. </p>

tv_txt: II 117th CONGRESS 2d Session S. 3733 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.

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 . 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.