118 S1650 IS: Taxpayers and Savers Protection Act of 2023 U.S. Senate 2023-05-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 1650IN THE SENATE OF THE UNITED STATESMay 17, 2023Mr. Rubio (for himself, Mrs. Shaheen, Ms. Ernst, Mr. Hawley, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental AffairsA BILLTo 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 of 2023 or the TSP Act of 2023.

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)..