TSP Act

Bill: 118-hr-3455
Sponsor: full_name: Rep. Waltz, Michael [R-FL-6]
Introduced: 2023-05-17
Policy area: Government Operations and Politics
Latest action: action_date: 2023-05-17
text: Referred to the House Committee on Oversight and Accountability.

Summaries:
action_date: 2023-05-17
action_desc: Introduced in House
text: <p><strong>Taxpayers and Savers Protection Act or the TSP Act</strong></p><p>This bill prohibits the Thrift Savings Fund from investing in any security that has certain connections to a country of concern. (A <em>country of concern</em> is a country listed in the Annual Threat Assessment that the Office of the Director of National Intelligence provides to Congress. In the 2023 assessment, these countries included China, Russia, Iran, and North Korea.)</p><p>A covered security is one that is (1) listed on an exchange in a country of concern; (2) issued by an entity incorporated in or subject to the jurisdiction of such country; or (3) issued by an entity that generates more than 50% of its revenue&nbsp;in a country of concern, consolidates the revenue under generally accepted accounting principles in the United States, and incorporates the revenue into the financial statement of a publicly listed company.&nbsp;</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: I 118th CONGRESS 1st Session H. R. 3455 IN THE HOUSE OF REPRESENTATIVES May 17, 2023 Mr. Waltz (for himself, Ms. Houlahan , Mr. Rutherford , Ms. Stefanik , Mr. Gallagher , and Mr. Pfluger ) 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 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 country of concern means any country (including any special administrative region of such country) identified as a threat to the national security of the United States in the most recent report submitted to Congress by the Director of National Intelligence under section 108B of the National Security Act of 1947 ( 50 U.S.C. 3043b ) (commonly referred to as the Annual Threat Assessment ); (B) the terms exchange , issuer , and security have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); (C) the term national securities exchange means an exchange that is registered pursuant to section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ); (D) the term publicly listed company means an issuer, the securities of which are listed on a national securities exchange; and (E) the term security of concern means a security— (i) that is listed on an exchange in a country of concern; (ii) the issuer with respect to which is incorporated in, or otherwise subject to the jurisdiction of the government of, a country of concern; or (iii) more than 50 percent of the revenue of the issuer with respect to which is— (I) generated in a country of concern; (II) consolidated under generally accepted accounting principles in the United States; and (III) after the consolidation described in subclause (II), incorporated into the financial statement of a publicly listed company. (2) Notwithstanding any other provision of this section, no sums in the Thrift Savings Fund may be invested in any security of concern, without regard to— (A) the exchange through which the security of concern is purchased; or (B) whether the security of concern is purchased— (i) in synthetic form, such as through an equity swap or similar financial instrument; or (ii) through a mutual fund made available through any mutual fund window added pursuant to subsection (b)(5). (3) The Executive Director shall consult with the Securities and Exchange Commission on a biennial basis in order to ensure compliance with paragraph (2). .