| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 1368 |
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| 5 | 5 | | To amend title 5, United States Code, to address the responsibilities of |
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| 6 | 6 | | fiduciaries with respect to the Thrift Savings Fund, and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | APRIL9, 2025 |
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| 9 | 9 | | Mr. S |
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| 10 | 10 | | COTTof Florida introduced the following bill; which was read twice and |
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| 11 | 11 | | referred to the Committee on Homeland Security and Governmental Affairs |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend title 5, United States Code, to address the respon- |
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| 14 | 14 | | sibilities of fiduciaries with respect to the Thrift Savings |
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| 15 | 15 | | Fund, and for other purposes. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘TSP Fiduciary Secu-4 |
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| 20 | 20 | | rity Act of 2025’’. 5 |
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| 21 | 21 | | SEC. 2. FINDINGS. 6 |
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| 22 | 22 | | Congress finds the following: 7 |
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| 23 | 23 | | (1) The Federal Retirement Thrift Investment 8 |
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| 24 | 24 | | Board has a fiduciary duty to manage the Thrift 9 |
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| 26 | 26 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 27 | 27 | | •S 1368 IS |
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| 28 | 28 | | Savings Fund in the best interest of the beneficiaries 1 |
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| 29 | 29 | | of the Fund. 2 |
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| 30 | 30 | | (2) The principal beneficiaries of the Thrift 3 |
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| 31 | 31 | | Savings Fund are the civil servants of the United 4 |
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| 32 | 32 | | States, and members of the uniformed services, who 5 |
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| 33 | 33 | | are tasked with defending the national security of 6 |
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| 34 | 34 | | the United States. 7 |
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| 35 | 35 | | (3) The duty of the Federal Retirement Thrift 8 |
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| 36 | 36 | | Investment Board to manage the Thrift Savings 9 |
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| 37 | 37 | | Fund in the best interests of the beneficiaries of the 10 |
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| 38 | 38 | | Fund includes a duty not to harm the national secu-11 |
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| 39 | 39 | | rity of the United States. 12 |
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| 40 | 40 | | SEC. 3. FIDUCIARY RESPONSIBILITIES WITH RESPECT TO 13 |
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| 41 | 41 | | THRIFT SAVINGS FUND. 14 |
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| 42 | 42 | | Section 8477 of title 5, United States Code, is 15 |
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| 43 | 43 | | amended— 16 |
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| 44 | 44 | | (1) in subsection (b)(1)— 17 |
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| 45 | 45 | | (A) in subparagraph (B), by striking ‘‘; 18 |
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| 46 | 46 | | and’’ and inserting a semicolon; 19 |
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| 47 | 47 | | (B) in subparagraph (C), by striking the 20 |
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| 48 | 48 | | period at the end and inserting ‘‘; and’’; and 21 |
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| 49 | 49 | | (C) by adding at the end the following: 22 |
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| 50 | 50 | | ‘‘(D) to the maximum extent practicable, by 23 |
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| 51 | 51 | | preventing the investments of the Thrift Savings 24 |
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| 52 | 52 | | Fund (or portions thereof), and the exercise of vot-25 |
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| 53 | 53 | | VerDate Sep 11 2014 23:43 Apr 17, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1368.IS S1368 |
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| 54 | 54 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 55 | 55 | | •S 1368 IS |
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| 56 | 56 | | ing rights associated with any such investments, 1 |
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| 57 | 57 | | from harming the national security of the United 2 |
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| 58 | 58 | | States.’’; and 3 |
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| 59 | 59 | | (2) in subsection (e), by adding at the end the 4 |
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| 60 | 60 | | following: 5 |
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| 61 | 61 | | ‘‘(9)(A) Notwithstanding any other provision of this 6 |
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| 62 | 62 | | subsection, no fiduciary shall be personally liable for any 7 |
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| 63 | 63 | | monetary damages, or be assessed any civil penalty, under 8 |
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| 64 | 64 | | this subsection with respect to a breach of the requirement 9 |
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| 65 | 65 | | under subsection (b)(1)(D). 10 |
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| 66 | 66 | | ‘‘(B) Subparagraph (A) shall cease to have effect be-11 |
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| 67 | 67 | | ginning on January 1, 2027.’’. 12 |
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| 68 | 68 | | SEC. 4. REVIEW OF THRIFT SAVINGS FUND FOR COMPLI-13 |
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| 69 | 69 | | ANCE WITH FIDUCIARY DUTIES. 14 |
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| 70 | 70 | | (a) I |
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| 71 | 71 | | NGENERAL.—Section 8477(f) of title 5, United 15 |
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| 72 | 72 | | States Code, is amended— 16 |
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| 73 | 73 | | (1) by inserting ‘‘(1)’’ after ‘‘(f)’’; and 17 |
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| 74 | 74 | | (2) by adding at the end the following: 18 |
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| 75 | 75 | | ‘‘(2)(A) Not later than 1 year after the date of enact-19 |
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| 76 | 76 | | ment of this paragraph, the Secretary of Labor, in con-20 |
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| 77 | 77 | | sultation with the Secretary of Defense, the Attorney Gen-21 |
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| 78 | 78 | | eral, the Secretary of Homeland Security, and the Sec-22 |
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| 79 | 79 | | retary of the Treasury, shall prescribe regulations to carry 23 |
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| 80 | 80 | | out subsection (b)(1)(D) with respect to each of the fol-24 |
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| 81 | 81 | | lowing: 25 |
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| 83 | 83 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 84 | 84 | | •S 1368 IS |
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| 85 | 85 | | ‘‘(i) The investments of the Thrift Savings 1 |
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| 86 | 86 | | Fund, which shall include the establishment of 2 |
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| 87 | 87 | | standards by which compliance with subsection 3 |
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| 88 | 88 | | (b)(1)(D) with respect to the investments of the 4 |
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| 89 | 89 | | Thrift Savings Fund (or portions thereof) shall be 5 |
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| 90 | 90 | | determined. 6 |
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| 91 | 91 | | ‘‘(ii) The exercise of voting rights associated 7 |
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| 92 | 92 | | with the investments of the Thrift Savings Fund (or 8 |
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| 93 | 93 | | portions thereof). 9 |
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| 94 | 94 | | ‘‘(B) The regulations prescribed under subparagraph 10 |
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| 95 | 95 | | (A)(ii) shall include— 11 |
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| 96 | 96 | | ‘‘(i) the establishment of a process by which the 12 |
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| 97 | 97 | | exercise of voting rights described in subparagraph 13 |
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| 98 | 98 | | (A)(ii) shall be reviewed by the Secretary of Labor, 14 |
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| 99 | 99 | | in consultation with the Secretary of Defense, the 15 |
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| 100 | 100 | | Attorney General, the Secretary of Homeland Secu-16 |
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| 101 | 101 | | rity, and the Secretary of the Treasury, for compli-17 |
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| 102 | 102 | | ance with subsection (b)(1)(D) with respect to the 18 |
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| 103 | 103 | | exercise of those rights; and 19 |
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| 104 | 104 | | ‘‘(ii) the establishment of standards by which 20 |
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| 105 | 105 | | compliance with subsection (b)(1)(D) with respect to 21 |
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| 106 | 106 | | the exercise of voting rights described in subpara-22 |
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| 107 | 107 | | graph (A)(ii) shall be determined, including the fac-23 |
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| 108 | 108 | | tors contributing to a determination that a covered 24 |
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| 109 | 109 | | vote would not comply with subsection (b)(1)(D). 25 |
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| 111 | 111 | | ssavage on LAPJG3WLY3PROD with BILLS 5 |
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| 112 | 112 | | •S 1368 IS |
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| 113 | 113 | | ‘‘(C) For the purposes of any regulation prescribed 1 |
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| 114 | 114 | | under subparagraph (A), the Secretary of Labor shall pre-2 |
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| 115 | 115 | | sume that— 3 |
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| 116 | 116 | | ‘‘(i) an investment of the Thrift Savings Fund 4 |
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| 117 | 117 | | (or portions thereof) does not comply with sub-5 |
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| 118 | 118 | | section (b)(1)(D) if the investment invests in— 6 |
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| 119 | 119 | | ‘‘(I) an entity included on— 7 |
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| 120 | 120 | | ‘‘(aa) the list of Communist Chinese 8 |
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| 121 | 121 | | military companies maintained under sec-9 |
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| 122 | 122 | | tion 1237(b) of the Strom Thurmond Na-10 |
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| 123 | 123 | | tional Defense Authorization Act for Fiscal 11 |
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| 124 | 124 | | Year 1999 (50 U.S.C. 1701 note); or 12 |
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| 125 | 125 | | ‘‘(bb) the entity list maintained by the 13 |
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| 126 | 126 | | Bureau of Industry and Security of the 14 |
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| 127 | 127 | | Department of Commerce and set forth in 15 |
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| 128 | 128 | | Supplement No. 4 to part 744 of title 15, 16 |
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| 129 | 129 | | Code of Federal Regulations; or 17 |
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| 130 | 130 | | ‘‘(II) a parent, subsidiary, or affiliate of, 18 |
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| 131 | 131 | | or an entity controlled by, an entity described 19 |
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| 132 | 132 | | in subclause (I); and 20 |
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| 133 | 133 | | ‘‘(ii) an exercise of voting rights associated with 21 |
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| 134 | 134 | | any investments of the Thrift Savings Fund (or por-22 |
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| 135 | 135 | | tions thereof) does not comply with subsection 23 |
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| 136 | 136 | | (b)(1)(D) if that exercise of voting rights is a cov-24 |
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| 137 | 137 | | ered vote with respect to a proposal that would— 25 |
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| 139 | 139 | | ssavage on LAPJG3WLY3PROD with BILLS 6 |
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| 140 | 140 | | •S 1368 IS |
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| 141 | 141 | | ‘‘(I) approve or ratify a transaction, in-1 |
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| 142 | 142 | | cluding a transaction described in subparagraph 2 |
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| 143 | 143 | | (D)(ii)(I), that would cause, or would reason-3 |
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| 144 | 144 | | ably be expected to cause, an entity to which 4 |
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| 145 | 145 | | the covered vote applies to— 5 |
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| 146 | 146 | | ‘‘(aa) breach any contract with the 6 |
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| 147 | 147 | | Federal Government to which the entity is 7 |
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| 148 | 148 | | a party, and under which the consideration 8 |
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| 149 | 149 | | provided to the entity over the course of 9 |
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| 150 | 150 | | the entire contract is more than 10 |
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| 151 | 151 | | $10,000,000, if the entity has otherwise 11 |
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| 152 | 152 | | complied with all applicable laws and regu-12 |
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| 153 | 153 | | lations in fulfilling the responsibilities of 13 |
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| 154 | 154 | | the entity with respect to the contract; 14 |
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| 155 | 155 | | ‘‘(bb) significantly reduce the produc-15 |
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| 156 | 156 | | tion of, or the capital expenditure or re-16 |
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| 157 | 157 | | search and development expenditure with 17 |
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| 158 | 158 | | respect to, any— 18 |
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| 159 | 159 | | ‘‘(AA) industrial resources, crit-19 |
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| 160 | 160 | | ical technology items, or materials 20 |
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| 161 | 161 | | that are essential to the national de-21 |
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| 162 | 162 | | fense (as those terms are defined in 22 |
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| 163 | 163 | | section 702 of the Defense Production 23 |
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| 164 | 164 | | Act of 1950 (50 U.S.C. 4552)); or 24 |
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| 166 | 166 | | ssavage on LAPJG3WLY3PROD with BILLS 7 |
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| 167 | 167 | | •S 1368 IS |
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| 168 | 168 | | ‘‘(BB) emerging and 1 |
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| 169 | 169 | | foundational technology identified by 2 |
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| 170 | 170 | | the President under section 1758 of 3 |
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| 171 | 171 | | the Export Controls Act of 2018 (50 4 |
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| 172 | 172 | | U.S.C. 4817); or 5 |
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| 173 | 173 | | ‘‘(cc) outsource or substantially sell, 6 |
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| 174 | 174 | | whether to any affiliated entity or joint 7 |
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| 175 | 175 | | venture, or by contract, to any entity lo-8 |
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| 176 | 176 | | cated in a covered country, any— 9 |
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| 177 | 177 | | ‘‘(AA) industrial resources, crit-10 |
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| 178 | 178 | | ical technology items, or materials 11 |
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| 179 | 179 | | that are essential to the national de-12 |
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| 180 | 180 | | fense (as those terms are defined in 13 |
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| 181 | 181 | | section 702 of the Defense Production 14 |
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| 182 | 182 | | Act of 1950 (50 U.S.C. 4552)); or 15 |
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| 183 | 183 | | ‘‘(BB) emerging and 16 |
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| 184 | 184 | | foundational technology identified by 17 |
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| 185 | 185 | | the President under section 1758 of 18 |
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| 186 | 186 | | the Export Controls Act of 2018 (50 19 |
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| 187 | 187 | | U.S.C. 4817); or 20 |
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| 188 | 188 | | ‘‘(II) elect to the board of directors of any 21 |
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| 189 | 189 | | entity an individual who— 22 |
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| 190 | 190 | | ‘‘(aa) is a director, officer, employee, 23 |
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| 191 | 191 | | or affiliate of any entity described in clause 24 |
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| 192 | 192 | | (i)(I); 25 |
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| 194 | 194 | | ssavage on LAPJG3WLY3PROD with BILLS 8 |
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| 195 | 195 | | •S 1368 IS |
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| 196 | 196 | | ‘‘(bb) at any time during the 5-year 1 |
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| 197 | 197 | | period preceding the date on which that 2 |
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| 198 | 198 | | election occurs, was as described in item 3 |
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| 199 | 199 | | (aa); or 4 |
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| 200 | 200 | | ‘‘(cc) a reasonable investor would be-5 |
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| 201 | 201 | | lieve supports any proposal described in 6 |
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| 202 | 202 | | subclause (I). 7 |
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| 203 | 203 | | ‘‘(D) In this paragraph— 8 |
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| 204 | 204 | | ‘‘(i) the term ‘covered country’ means— 9 |
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| 205 | 205 | | ‘‘(I) the People’s Republic of China, the 10 |
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| 206 | 206 | | Russian Federation, North Korea, Iran, Syria, 11 |
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| 207 | 207 | | Sudan, Venezuela, or Cuba; 12 |
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| 208 | 208 | | ‘‘(II) any country, the government of which 13 |
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| 209 | 209 | | the Secretary of State determines has repeat-14 |
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| 210 | 210 | | edly provided support for acts of international 15 |
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| 211 | 211 | | terrorism pursuant to— 16 |
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| 212 | 212 | | ‘‘(aa) section 1754(c)(1)(A) of the Ex-17 |
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| 213 | 213 | | port Control Reform Act of 2018 (50 18 |
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| 214 | 214 | | U.S.C. 4813(c)(1)(A)); 19 |
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| 215 | 215 | | ‘‘(bb) section 620A of the Foreign As-20 |
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| 216 | 216 | | sistance Act of 1961 (22 U.S.C. 2371); 21 |
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| 217 | 217 | | ‘‘(cc) section 40 of the Arms Export 22 |
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| 218 | 218 | | Control Act (22 U.S.C. 2780); or 23 |
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| 219 | 219 | | ‘‘(dd) any other provision of law; or 24 |
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| 221 | 221 | | ssavage on LAPJG3WLY3PROD with BILLS 9 |
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| 222 | 222 | | •S 1368 IS |
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| 223 | 223 | | ‘‘(III) any other country that the Secretary 1 |
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| 224 | 224 | | of Labor, in consultation with the Secretary of 2 |
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| 225 | 225 | | Defense, the Attorney General, the Secretary of 3 |
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| 226 | 226 | | Homeland Security, and the Secretary of the 4 |
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| 227 | 227 | | Treasury, designates as posing an undue or un-5 |
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| 228 | 228 | | necessary risk to the national security of the 6 |
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| 229 | 229 | | United States; and 7 |
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| 230 | 230 | | ‘‘(ii) the term ‘covered vote’ means a vote in 8 |
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| 231 | 231 | | favor of (or an abstention with respect to) a pro-9 |
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| 232 | 232 | | posal to— 10 |
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| 233 | 233 | | ‘‘(I) approve or ratify a transaction involv-11 |
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| 234 | 234 | | ing an entity, including— 12 |
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| 235 | 235 | | ‘‘(aa) any sale of, or other disposition 13 |
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| 236 | 236 | | of (whether in a single or a series of trans-14 |
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| 237 | 237 | | actions) assets or capital stock; and 15 |
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| 238 | 238 | | ‘‘(bb) any merger, consolidation, joint 16 |
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| 239 | 239 | | venture, partnership, spin-off, reverse spin- 17 |
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| 240 | 240 | | off, dissolution, restructuring, recapitaliza-18 |
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| 241 | 241 | | tion, liquidation, or any other business 19 |
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| 242 | 242 | | combination or strategic transaction; or 20 |
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| 243 | 243 | | ‘‘(II) elect an individual to the board of di-21 |
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| 244 | 244 | | rectors of the entity that is the subject of the 22 |
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| 245 | 245 | | proposal.’’. 23 |
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| 247 | 247 | | ssavage on LAPJG3WLY3PROD with BILLS 10 |
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| 248 | 248 | | •S 1368 IS |
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| 249 | 249 | | (b) REVIEW OFEXERCISE OFVOTINGRIGHTS; RE-1 |
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| 250 | 250 | | PORT TOCONGRESS.—Section 8438 of title 5, United 2 |
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| 251 | 251 | | States Code, is amended— 3 |
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| 252 | 252 | | (1) in subsection (f)— 4 |
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| 253 | 253 | | (A) by inserting ‘‘(1)’’ after ‘‘(f)’’; and 5 |
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| 254 | 254 | | (B) by adding at the end the following: 6 |
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| 255 | 255 | | ‘‘(2) For the purposes of paragraph (1), a review of 7 |
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| 256 | 256 | | the exercise of voting rights for compliance with section 8 |
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| 257 | 257 | | 8477(b)(1)(D), including under the regulations prescribed 9 |
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| 258 | 258 | | under section 8477(f)(2), shall not be considered to be the 10 |
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| 259 | 259 | | exercise of voting rights associated with the ownership of 11 |
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| 260 | 260 | | securities by the Thrift Savings Fund.’’; and 12 |
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| 261 | 261 | | (2) by adding at the end the following: 13 |
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| 262 | 262 | | ‘‘(i) Not later than 2 years after the date of enact-14 |
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| 263 | 263 | | ment of this subsection, and annually thereafter, the Sec-15 |
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| 264 | 264 | | retary of Labor shall submit to the Committee on Home-16 |
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| 265 | 265 | | land Security and Governmental Affairs of the Senate and 17 |
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| 266 | 266 | | the Committee on Oversight and Government Reform of 18 |
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| 267 | 267 | | the House of Representatives a report regarding— 19 |
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| 268 | 268 | | ‘‘(1) for the year covered by the report, the in-20 |
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| 269 | 269 | | vestments of the Thrift Savings Fund (or portions 21 |
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| 270 | 270 | | thereof), and the exercise of voting rights associated 22 |
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| 271 | 271 | | with any such investments, that have been reviewed 23 |
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| 272 | 272 | | for compliance with section 8477(b)(1)(D); and 24 |
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| 274 | 274 | | ssavage on LAPJG3WLY3PROD with BILLS 11 |
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| 275 | 275 | | •S 1368 IS |
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| 276 | 276 | | ‘‘(2) the outcome with respect to enforcement of 1 |
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| 277 | 277 | | each review conducted under paragraph (1) and a 2 |
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| 278 | 278 | | justification for that outcome.’’. 3 |
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| 279 | 279 | | SEC. 5. PROHIBITION ON INVESTMENT OF THRIFT SAVINGS 4 |
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| 280 | 280 | | FUND SUMS IN ENTITIES BASED IN THE PEO-5 |
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| 281 | 281 | | PLE’S REPUBLIC OF CHINA THROUGH THE 6 |
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| 282 | 282 | | TSP MUTUAL FUND WINDOW. 7 |
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| 283 | 283 | | Section 8438(b)(5) of title 5, United States Code, is 8 |
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| 284 | 284 | | amended by adding at the end the following: 9 |
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| 285 | 285 | | ‘‘(E) A mutual fund accessible through a mutual fund 10 |
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| 286 | 286 | | window authorized under this paragraph may not include 11 |
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| 287 | 287 | | an investment in any security of— 12 |
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| 288 | 288 | | ‘‘(i) an entity based in the People’s Republic of 13 |
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| 289 | 289 | | China; or 14 |
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| 290 | 290 | | ‘‘(ii) any subsidiary that is owned or operated 15 |
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| 291 | 291 | | by an entity described in clause (i).’’. 16 |
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| 292 | 292 | | Æ |
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