I
119THCONGRESS
1
STSESSION H. R. 2067
To amend the Employment Retirement Income Security Act of 1974 to
prohibit plan investments in foreign adversary and sanctioned entities,
require disclosure of existing investments in such entities, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH11, 2025
Mr. M
OOLENAARintroduced the following bill; which was referred to the
Committee on Education and Workforce
A BILL
To amend the Employment Retirement Income Security Act
of 1974 to prohibit plan investments in foreign adversary
and sanctioned entities, require disclosure of existing in-
vestments in such entities, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Protecting Americans’ 4
Retirement Savings Act’’ or ‘‘PARSA’’. 5
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SEC. 2. PROHIBITION ON INVESTMENT IN CERTAIN ENTI-1
TIES. 2
Section 404(a) of the Employee Retirement Income 3
Security Act of 1974 (29 U.S.C. 1104(a)) is amended by 4
adding at the end the following: 5
‘‘(3) P
ROHIBITION ONINVESTMENT INCERTAINEN-6
TITIES.— 7
‘‘(A) I
N GENERAL.—It shall be a violation of 8
paragraph (1) for a fiduciary of a plan to fail to en-9
sure that the plan does not engage in a transaction 10
that the fiduciary knows, or should know, will result 11
in the plan— 12
‘‘(i) acquiring an interest (as defined in 13
section 103(h)) between the plan and a covered 14
entity; 15
‘‘(ii) lending money or extending credit to 16
a covered entity; 17
‘‘(iii) furnishing goods, services, or facili-18
ties to a covered entity; and 19
‘‘(iv) transferring, directly or indirectly, to 20
or for use by or for the benefit of a covered en-21
tity— 22
‘‘(I) any assets of the plan; or 23
‘‘(II) any data with respect to any 24
participant or beneficiary of the plan. 25
‘‘(B) D
EFINITIONS.— 26
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‘‘(i) COVERED ENTITY.—For purposes of 1
this paragraph, the term ‘covered entity’ means 2
a foreign adversary entity or sanctioned entity, 3
as such terms are defined in section 103(h). 4
‘‘(ii) F
IDUCIARY.—For purposes of sub-5
paragraph (A)(iv)(II), the term ‘fiduciary’ in-6
cludes any person who exercises direct or indi-7
rect discretionary authority, responsibility, or 8
control with respect to any participant bene-9
ficiary data. 10
‘‘(C) C
ONTINUATION OF CURRENT INVEST -11
MENTS.—In the case of a plan holding an invest-12
ment in a covered entity on the date of enactment 13
of the Protecting Americans’ Retirement Savings 14
Act, such plan may, notwithstanding subparagraph 15
(A), continue to hold such investment without vio-16
lating paragraph (1) if the fiduciary of such plan 17
complies with the requirements of subparagraphs (I) 18
and (J) of section 103(b)(3). 19
‘‘(D) C
ONTRACTUALLY OBLIGATED INVEST -20
MENTS.—In the case of a plan that has entered into 21
a binding agreement prior to the date of enactment 22
of the Protecting Americans’ Retirement Savings 23
Act obligating such plan to engage in a transaction 24
described in subparagraph (A), if the fiduciary of 25
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such plan complies with the requirements of sub-1
paragraphs (I), (J), and (K) of section 103(b)(3), 2
such plan may, notwithstanding subparagraph (A), 3
fulfill the terms of such agreement without violating 4
paragraph (1) until such agreement— 5
‘‘(i) expires; or 6
‘‘(ii) allows for termination.’’. 7
SEC. 3. ADDITIONAL DISCLOSURES FOR EMPLOYEE RE-8
TIREMENT FUNDS. 9
(a) I
NGENERAL.—Section 103(b)(3) of the Em-10
ployee Retirement Income Security Act of 1974 (29 11
U.S.C. 1023(b)(3)) is amended— 12
(1) in subparagraph (H)(iv), by striking the pe-13
riod at the end and inserting ‘‘; and’’; and 14
(2) by inserting at the end the following: 15
‘‘(I) a statement of all assets in the plan that 16
consist, in whole or in part, of an interest in a sanc-17
tioned entity, including— 18
‘‘(i) the aggregate value of such assets in 19
the plan; 20
‘‘(ii) the identity of each sanctioned entity 21
in which such plan holds an interest; and 22
‘‘(iii) information identifying each list 23
under subsection (h)(5) on which such sanc-24
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tioned entity is listed, and the reasons for which 1
an entity may be placed on such list. 2
‘‘(J) a statement of all assets in the plan that 3
consist, in whole or in part, of an interest in a for-4
eign adversary entity, including— 5
‘‘(i) the aggregate value of such assets in 6
the plan; 7
‘‘(ii) the specific interest, and value there-8
of, that such plan holds in each such foreign 9
adversary entity; 10
‘‘(iii) the name of any investment vehicle 11
through which the plan holds such interest; 12
‘‘(iv) the name of the fiduciary responsible 13
for such investment; and 14
‘‘(v) a brief statement of factors considered 15
by the fiduciary in maintaining such invest-16
ment. 17
‘‘(K) a description of any ongoing agreement 18
subject to section 404(a)(3)(D), including— 19
‘‘(i) the assets involved in such agreement; 20
‘‘(ii) the date on which such agreement ex-21
pires; 22
‘‘(iii) the date on which such commitment 23
may be terminated; and 24
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‘‘(iv) such other information as the Sec-1
retary may deem appropriate.’’. 2
(b) D
EFINITIONS.—Section 103 of the Employee Re-3
tirement Income Security Act of 1974 (29 U.S.C. 1023) 4
is further amended by adding at the end the following: 5
‘‘(h) D
EFINITIONS.—In this section: 6
‘‘(1) C
ONTROL.—The term ‘control’ has the 7
meaning given in section 800.208 of title 31, Code 8
of Federal Regulations (as in effect on the date of 9
enactment of the Protecting Americans’ Retirement 10
Savings Act). 11
‘‘(2) E
XPORT ADMINISTRATION REGULA -12
TIONS.—The term ‘Export Administration Regula-13
tions’ means the regulations set forth in subchapter 14
C of chapter VII of title 15, Code of Federal Regu-15
lations, or successor regulations. 16
‘‘(3) F
OREIGN ADVERSARY.—The term ‘foreign 17
adversary’— 18
‘‘(A) has the meaning given the term ‘cov-19
ered nation’ in section 4872(d) of title 10, 20
United States Code (as in effect on the date of 21
enactment of this Act); and 22
‘‘(B) includes any Special Administrative 23
Region of any such covered nation. 24
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‘‘(4) FOREIGN ADVERSARY ENTITY .—The term 1
‘foreign adversary entity’ means— 2
‘‘(A) any official governmental body at any 3
level in a foreign adversary; 4
‘‘(B) the Armed Forces of a foreign adver-5
sary; 6
‘‘(C) the leading political party of a foreign 7
adversary; 8
‘‘(D) a person organized under the laws of, 9
headquartered in, or with its principal place of 10
business in a foreign adversary; or 11
‘‘(E) a person subject to the direction or 12
control of an entity listed in subparagraphs (A) 13
through (D). 14
‘‘(5) I
NTEREST.—The term ‘interest’ includes 15
any interest— 16
‘‘(A) held directly or indirectly through any 17
chain of ownership; or 18
‘‘(B) held as a derivative financial instru-19
ment or other contractual arrangement with re-20
spect to a sanctioned entity or foreign adver-21
sary entity, including any financial instrument 22
or other contract which seeks to replicate any 23
financial return with respect to such an entity 24
or an interest in such an entity. 25
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‘‘(6) SANCTIONED ENTITY .—The term ‘sanc-1
tioned entity’ means an entity listed on any of the 2
following lists: 3
‘‘(A) The Non-SDN Chinese Military-In-4
dustrial Complex Companies List (NS–CMIC 5
List) maintained by the Office of Foreign As-6
sets Control of the Department of the Treasury 7
under Executive Order 14032 (86 Fed. Reg. 8
30145; relating to Addressing the Threat From 9
Securities Investments That Finance Certain 10
Companies of the People’s Republic of China), 11
or any successor order. 12
‘‘(B) The list of Chinese military compa-13
nies identified by the Secretary of Defense pur-14
suant to section 1260H of the William M. 15
(Mac) Thornberry National Defense Authoriza-16
tion Act for Fiscal Year 2021 (Public Law 17
116–283; 10 U.S.C. 113 note). 18
‘‘(C) The Entity List maintained by the 19
Department of Commerce and set forth in Sup-20
plement No. 4 to part 744 of the Export Ad-21
ministration Regulations. 22
‘‘(D) The Denied Persons List maintained 23
by the Department of Commerce and described 24
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in section 764.3(a)(2) of the Export Adminis-1
tration Regulations. 2
‘‘(E) The Unverified List set forth in Sup-3
plement No. 6 to part 744 of the Export Ad-4
ministration Regulations. 5
‘‘(F) The Military End User List set forth 6
in Supplement No. 7 to part 744 of the Export 7
Administration Regulations. 8
‘‘(G) The list of companies whose equip-9
ment or services are maintained by the Federal 10
Communications Commission under section 2(a) 11
of the Secure and Trusted Communications 12
Networks Act of 2019 (47 U.S.C. 1601(a)), 13
commonly referred to as the FCC Covered list. 14
‘‘(H) The Uyghur Forced Labor Preven-15
tion Act Entity List maintained pursuant to 16
section 2(d)(2)(B) of the Act entitled ‘An Act 17
to ensure that goods made with forced labor in 18
the Xinjiang Uyghur Autonomous Region of the 19
People’s Republic of China do not enter the 20
United States market, and for other purposes’, 21
approved December 23, 2021 (Public Law 117– 22
78). 23
‘‘(I) The Withhold Release Orders and 24
Findings List maintained by the Commissioner 25
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of U.S. Customs and Border Protection pursu-1
ant to the Act entitled ‘An Act to ensure that 2
goods made with forced labor in the Xinjiang 3
Uyghur Autonomous Region of the People’s Re-4
public of China do not enter the United States 5
market, and for other purposes’, approved De-6
cember 23, 2021 (Public Law 117–78).’’. 7
(c) E
FFECTIVEDATE.— 8
(1) R
EGULATIONS REQUIRED .—Not more than 9
180 days after the enactment of this Act, the Sec-10
retary shall issue regulations implementing this Act. 11
(2) E
FFECTIVE DATE OF REGULATIONS .—The 12
regulations issued under paragraph (1) shall take ef-13
fect not later than 1 year after the date of enact-14
ment of this Act. 15
Æ
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