[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Page S3356]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 6166. Ms. WARREN submitted an amendment intended to be proposed by 
her to the bill S. 4784, to authorize appropriations for fiscal year 
2027 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:

       After section 1051, insert the following:

     SEC. 1051A. PROHIBITION ON EQUITY INVESTMENTS FOR ENTITIES IN 
                   WHICH CERTAIN SENIOR GOVERNMENT OFFICIALS HOLD 
                   A SIGNIFICANT INTEREST.

       Subsection (h) of section 149 of title 10, United States 
     Code, as amended by section 1051, is further amended--
       (1) by redesignating paragraph (9) as paragraph (10); and
       (2) by inserting after paragraph (8) the following new 
     paragraph (9):
       ``(9) Prohibition on equity investments for certain 
     entities.--
       ``(A) In general.--Notwithstanding any other provision of 
     this section or any other provision of law, a covered entity 
     is not eligible for an equity investment under this 
     subsection.
       ``(B) Definitions.--In this paragraph:
       ``(i) Covered entity.--The term `covered entity' means an 
     entity in which a covered individual directly or indirectly 
     holds a significant interest. For the purpose of determining 
     whether an entity is a covered entity, if securities of the 
     entity are owned, controlled, or held by 2 or more 
     individuals who are related as described in clause (ii), such 
     securities shall be aggregated.
       ``(ii) Covered individual.--The term `covered individual' 
     means--

       ``(I) the President, the Vice President, or any other 
     individual designated by the President as having Cabinet-
     level status;
       ``(II) the spouse, child, son-in-law, or daughter-in-law of 
     an individual described in subclause (I); or
       ``(III) any officer or employee of the executive branch, 
     including a special Government employee (as defined in 
     section 202 of title 18), who participates in the 
     consideration, negotiation, approval, or administration of 
     equity investments under this subsection.

       ``(iii) Equity interest.--The term `equity interest' 
     means--

       ``(I) a share in an entity (including a partnership), 
     without regard to whether the share is--

       ``(aa) transferable; or
       ``(bb) classified as stock or anything similar;

       ``(II) a capital or profit interest in a limited liability 
     company or partnership;
       ``(III) a capital or profit interest in a venture capital 
     fund, private equity fund, fund of funds, or other pooled 
     investment fund; or
       ``(IV) a warrant or right (other than a right to convert) 
     to purchase, sell, or subscribe to a share or interest 
     described in subclause (I), (II), or (III).

       ``(iv) De minimis interest.--The term `de minimis interest' 
     means an equity interest in an entity that--

       ``(I) does not exceed $15,000;
       ``(II) is purchased and owned only through an open-end 
     company that is a diversified company (as those terms are 
     defined in section 5 of the Investment Company Act of 1940 
     (15 U.S.C. 80a-5)) and that--

       ``(aa) is registered with the Securities and Exchange 
     Commission; and
       ``(bb) does not concentrate its holdings in any sector or 
     through any other investment vehicle that is exempt from 
     section 208 of title 18 as of the date of the enactment of 
     the National Defense Authorization Act for Fiscal Year 2027; 
     or

       ``(III) is purchased and owned as part of a widely 
     diversified employee benefit plan or a pension established 
     and maintained by a Federal, State, or local government.

       ``(v) Significant interest.--The term `significant 
     interest', with respect to an entity, means owning, 
     controlling, or holding any equity interest, other than a de 
     minimis interest, in the entity.''.
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