[Congressional Record Volume 169, Number 120 (Thursday, July 13, 2023)]
[Senate]
[Page S2660]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 523. Mr. RUBIO submitted an amendment intended to be proposed by 
him to the bill S. 2226, to authorize appropriations for fiscal year 
2024 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. 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 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).
       ``(4) Not later than 1 year after the date of enactment of 
     this subsection, the Executive Director shall certify to 
     Congress that no sums in the Thrift Savings Fund are invested 
     in any security of concern.''.
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