Us Congress 2023-2024 Regular Session

Us Congress House Bill HB3455

Introduced
5/17/23  

Caption

TSP Act Taxpayers and Savers Protection Act

Impact

The implications of HB3455 are significant, as it would modify the current investment strategy of the Thrift Savings Fund, which is one of the largest retirement funds in the United States. By enforcing limitations on where and how the fund can invest, the bill aims to mitigate potential financial exposure to countries identified as threats in the Annual Threat Assessment provided by national intelligence. This could also lead to a re-evaluation of existing financial relationships with certain international businesses and securities.

Summary

House Bill 3455, known as the Taxpayers and Savers Protection Act, seeks to amend Title 5 of the United States Code by prohibiting investments from the Thrift Savings Fund in securities listed on certain foreign exchanges. The bill addresses concerns regarding national security by restricting the investment of federal employees' retirement savings in entities that could threaten U.S. interests. This legislative initiative is positioned as a protective measure for taxpayers and savers, ensuring that their investments do not inadvertently support adversarial foreign entities.

Contention

Among the notable points of contention surrounding this bill is the balance between financial freedom and national security interests. Proponents argue that safeguarding government employees' retirement savings from potential risks associated with foreign markets is paramount. Conversely, critics may contend that such restrictive measures could limit the growth potential of investment portfolios, thereby potentially affecting returns for participants in the Thrift Savings Fund. Discussions surrounding this bill may also evoke broader debates about protectionist policies and international trade relations.

Companion Bills

US SB1650

Related TSP Act of 2023 Taxpayers and Savers Protection Act of 2023

Previously Filed As

US SB1650

TSP Act of 2023 Taxpayers and Savers Protection Act of 2023

US HB3440

Protecting Rural Telehealth Access Act

US HB4767

Protecting Americans’ Retirement Savings from Politics Act

US SB1587

Protecting Taxpayers and Victims of Unemployment Fraud Act

US HB4600

Protecting Retail Investors’ Savings Act

US HB3526

Extraordinary Measures Transparency Act

US HB3612

No ESG at TSP Act

US HB3973

Judicial Ethics and Anti-Corruption Act of 2023

US HB4711

Protecting Taxpayers from Student Loan Bailouts Act

US HB5060

Women's Retirement Protection Act

Similar Bills

No similar bills found.