Federal Employees Sustainable Investment Act

Bill: 118-hr-1261
Sponsor: full_name: Rep. Schiff, Adam B. [D-CA-30]
Introduced: 2023-02-28
Policy area: Government Operations and Politics
Subjects: Employee benefits and pensions

Government employee pay, benefits, personnel management

Securities
Latest action: action_date: 2023-02-28
text: Referred to the House Committee on Oversight and Accountability.

Summaries:
action_date: 2023-02-28
action_desc: Introduced in House
text: <p><strong>Federal Employees Sustainable Investment Act </strong></p> <p> This bill establishes a new fund&#8212;the Corporate Responsibility Stock Index Fund&#8212;as an investment option under the Thrift Savings Plan.</p> <p>The Corporate Responsibility Stock Index Fund must be invested in a stock portfolio designed to replicate the performance of a commonly recognized, passively managed index comprised of stocks that meet certain minimum criteria related to corporate responsibility.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1261 IN THE HOUSE OF REPRESENTATIVES February 28, 2023 Mr. Schiff (for himself, Ms. Leger Fernandez , Mr. Cleaver , Mr. Connolly , and Ms. Schakowsky ) introduced the following bill; which was referred to the Committee on Oversight and Accountability A BILL To amend title 5, United States Code, to provide for a corporate responsibility investment option under the Thrift Savings Plan.

1. Short title This Act may be cited as the Federal Employees Sustainable Investment Act . 2. Corporate Responsibility Stock Index Fund (a) Definition Section 8438(a) of title 5, United States Code, is amended— (1) by redesignating paragraphs (2) through (10) as paragraphs (3) through (11), respectively; (2) by inserting after paragraph (1) the following: (2) the term Corporate Responsibility Stock Index Fund means the fund established under subsection (b)(1)(G). ; and (3) in paragraph (10), as redesignated by paragraph (1) of this subsection, by striking paragraph (8)(D) each place it appears and inserting paragraph (9)(D) . (b) Establishment (1) In general Section 8438(b)(1) of title 5, United States Code, is amended— (A) in subparagraph (E), by striking and at the end; (B) in subparagraph (F), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (G) a Corporate Responsibility Stock Index Fund as provided under paragraph (6). . (2) Fund requirements Section 8438(b) of title 5, United States Code, is amended by adding at the end the following: (6) (A) (i) The Board shall select a minimum of one index which is a commonly recognized, passively managed index comprised of stocks (from the United States or international equity markets) that have been analyzed and selected based on criteria consistent with the purposes of this paragraph. (ii) The criteria under clause (i) shall at a minimum include— (I) corporate governance; (II) environmental practices (including greenhouse gas emissions and contribution to climate change); (III) workplace relations and benefits; (IV) product safety and impact; (V) international operations and human rights; (VI) involvement with repressive regimes; and (VII) community relations. (iii) The historical performance of each index selected under this subparagraph shall be comparable to that of the other investment funds and options available under this subsection. (B) The Corporate Responsibility Stock Index Fund shall be invested in a portfolio designed to replicate the performance of the index in subparagraph (A) (or, if more than one index is selected, the overall average performance). The portfolio shall be designed such that, to the extent practicable, the percentage of the Corporate Responsibility Stock Index Fund that is invested in each stock is the same as the percentage determined by dividing the aggregate market value of all shares of that stock by the aggregate market value of all shares of all stocks included in such index (or indexes). .