[Congressional Record Volume 167, Number 87 (Wednesday, May 19, 2021)]
[Senate]
[Page S3098]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1572. Mr. TUBERVILLE submitted an amendment intended to be 
proposed to amendment SA 1502 proposed by Mr. Schumer to the bill S. 
1260, to establish a new Directorate for Technology and Innovation in 
the National Science Foundation, to establish a regional technology hub 
program, to require a strategy and report on economic security, 
science, research, innovation, manufacturing, and job creation, to 
establish a critical supply chain resiliency program, and for other 
purposes; which was ordered to lie on the table; as follows:

        At the appropriate place in title III of division F, 
     insert the following:

     SEC. 63__. INVESTMENTS HELD DIRECTLY OR INDIRECTLY BY PLANS 
                   SUBJECT TO THE EMPLOYEE RETIREMENT INCOME 
                   SECURITY ACT OF 1974.

       (a) In General.--Section 404 of the Employee Retirement 
     Income Security Act of 1974 (29 U.S.C. 1104) is amended by 
     adding at the end the following:
       ``(f) Prohibition on Investments in the People's Republic 
     of China and Threat Investments.--
       ``(1) In general.--No fiduciary may cause the assets of any 
     plan to be invested in, or to remain invested in, directly or 
     indirectly (such as through a registered investment company 
     or other investment vehicle)--
       ``(A) any publicly traded security, any equity interest, or 
     any instrument of indebtedness (such as a debenture); or
       ``(B) any securities, equity interest, or instrument of 
     indebtedness that is derivative of, or is designed to provide 
     investment exposure to, a security, equity interest, or 
     instrument of indebtedness described in subparagraph (A),
     of any company or business operation based in the People's 
     Republic of China or in any threat investment.
       ``(2) Divestiture of assets.--Each plan fiduciary shall 
     divest of any securities or other investments prohibited 
     under paragraph (1) not later than 1 year after, as 
     applicable--
       ``(A) the date of enactment of this subsection; or
       ``(B) in the case of any threat investment that is listed 
     by the Secretary of Defense after the date of enactment of 
     this subsection, the date on which such threat investment is 
     listed.
       ``(3) Threat investments.--For purposes of this subsection, 
     the term `threat investment' means any company or business 
     operation identified and listed by the Secretary of Defense 
     as a company or business operation that directly threatens 
     the United States homeland or the Armed Forces of the United 
     States overseas. The Secretary of Defense shall publish a 
     list of any such companies annually and the Secretary of 
     Labor shall republish such list on the website of the 
     Department of Labor.''.
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