Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB928 Compare Versions

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Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 928
5	5	To amend the Employment Retirement Income Security Act of 1974 to
6	6	prohibit plan investments in foreign adversary and sanctioned entities,
7	7	require disclosure of existing investments in such entities, and for other
8	8	purposes.
9	9	IN THE SENATE OF THE UNITED STATES
10	10	MARCH11 (legislative day, MARCH10), 2025
11	11	Mr. B
12	12	ANKSintroduced the following bill; which was read twice and referred
13	13	to the Committee on Health, Education, Labor, and Pensions
14	14	A BILL
15	15	To amend the Employment Retirement Income Security Act
16	16	of 1974 to prohibit plan investments in foreign adversary
17	17	and sanctioned entities, require disclosure of existing in-
18	18	vestments in such entities, and for other purposes.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE. 3
22	22	This Act may be cited as the ‘‘Protecting Americans’ 4
23	23	Retirement Savings Act’’ or ‘‘PARSA’’. 5
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27	27	SEC. 2. PROHIBITION ON INVESTMENT IN CERTAIN ENTI-1
28	28	TIES. 2
29	29	Section 404(a) of the Employee Retirement Income 3
30	30	Security Act of 1974 (29 U.S.C. 1104(a)) is amended by 4
31	31	adding at the end the following: 5
32	32	‘‘(3) P
33	33	ROHIBITION ONINVESTMENT INCERTAINEN-6
34	34	TITIES.— 7
35	35	‘‘(A) I
36	36	N GENERAL.—It shall be a violation of 8
37	37	paragraph (1) for a fiduciary of a plan to fail to en-9
38	38	sure that the plan does not engage in a transaction 10
39	39	that the fiduciary knows, or should know, will result 11
40	40	in the plan— 12
41	41	‘‘(i) acquiring an interest (as defined in 13
42	42	section 103(h)) between the plan and a covered 14
43	43	entity; 15
44	44	‘‘(ii) lending money or extending credit to 16
45	45	a covered entity; 17
46	46	‘‘(iii) furnishing goods, services, or facili-18
47	47	ties to a covered entity; and 19
48	48	‘‘(iv) transferring, directly or indirectly, to 20
49	49	or for use by or for the benefit of a covered en-21
50	50	tity— 22
51	51	‘‘(I) any assets of the plan; or 23
52	52	‘‘(II) any data with respect to any 24
53	53	participant or beneficiary of the plan. 25
54	54	‘‘(B) D
55	55	EFINITIONS.— 26
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59	59	‘‘(i) COVERED ENTITY.—For purposes of 1
60	60	this paragraph, the term ‘covered entity’ means 2
61	61	a foreign adversary entity or sanctioned entity, 3
62	62	as such terms are defined in section 103(h). 4
63	63	‘‘(ii) F
64	64	IDUCIARY.—For purposes of sub-5
65	65	paragraph (A)(iv)(II), the term ‘fiduciary’ in-6
66	66	cludes any person who exercises direct or indi-7
67	67	rect discretionary authority, responsibility, or 8
68	68	control with respect to any participant bene-9
69	69	ficiary data. 10
70	70	‘‘(C) C
71	71	ONTINUATION OF CURRENT INVEST -11
72	72	MENTS.—In the case of a plan holding an invest-12
73	73	ment in a covered entity on the date of enactment 13
74	74	of the Protecting Americans’ Retirement Savings 14
75	75	Act, such plan may, notwithstanding subparagraph 15
76	76	(A), continue to hold such investment without vio-16
77	77	lating paragraph (1) if the fiduciary of such plan 17
78	78	complies with the requirements of subparagraphs (I) 18
79	79	and (J) of section 103(b)(3). 19
80	80	‘‘(D) C
81	81	ONTRACTUALLY OBLIGATED INVEST -20
82	82	MENTS.—In the case of a plan that has entered into 21
83	83	a binding agreement prior to the date of enactment 22
84	84	of the Protecting Americans’ Retirement Savings 23
85	85	Act obligating such plan to engage in a transaction 24
86	86	described in subparagraph (A), if the fiduciary of 25
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90	90	such plan complies with the requirements of sub-1
91	91	paragraphs (I), (J), and (K) of section 103(b)(3), 2
92	92	such plan may, notwithstanding subparagraph (A), 3
93	93	fulfill the terms of such agreement without violating 4
94	94	paragraph (1) until such agreement— 5
95	95	‘‘(i) expires; or 6
96	96	‘‘(ii) allows for termination.’’. 7
97	97	SEC. 3. ADDITIONAL DISCLOSURES FOR EMPLOYEE RE-8
98	98	TIREMENT FUNDS. 9
99	99	(a) I
100	100	NGENERAL.—Section 103(b)(3) of the Em-10
101	101	ployee Retirement Income Security Act of 1974 (29 11
102	102	U.S.C. 1023(b)(3)) is amended— 12
103	103	(1) in subparagraph (H)(iv), by striking the pe-13
104	104	riod at the end and inserting ‘‘; and’’; and 14
105	105	(2) by inserting at the end the following: 15
106	106	‘‘(I) a statement of all assets in the plan that 16
107	107	consist, in whole or in part, of an interest in a sanc-17
108	108	tioned entity, including— 18
109	109	‘‘(i) the aggregate value of such assets in 19
110	110	the plan; 20
111	111	‘‘(ii) the identity of each sanctioned entity 21
112	112	in which such plan holds an interest; and 22
113	113	‘‘(iii) information identifying each list 23
114	114	under subsection (h)(5) on which such sanc-24
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118	118	tioned entity is listed, and the reasons for which 1
119	119	an entity may be placed on such list. 2
120	120	‘‘(J) a statement of all assets in the plan that 3
121	121	consist, in whole or in part, of an interest in a for-4
122	122	eign adversary entity, including— 5
123	123	‘‘(i) the aggregate value of such assets in 6
124	124	the plan; 7
125	125	‘‘(ii) the specific interest, and value there-8
126	126	of, that such plan holds in each such foreign 9
127	127	adversary entity; 10
128	128	‘‘(iii) the name of any investment vehicle 11
129	129	through which the plan holds such interest; 12
130	130	‘‘(iv) the name of the fiduciary responsible 13
131	131	for such investment; and 14
132	132	‘‘(v) a brief statement of factors considered 15
133	133	by the fiduciary in maintaining such invest-16
134	134	ment. 17
135	135	‘‘(K) a description of any ongoing agreement 18
136	136	subject to section 404(a)(3)(D), including— 19
137	137	‘‘(i) the assets involved in such agreement; 20
138	138	‘‘(ii) the date on which such agreement ex-21
139	139	pires; 22
140	140	‘‘(iii) the date on which such commitment 23
141	141	may be terminated; and 24
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145	145	‘‘(iv) such other information as the Sec-1
146	146	retary may deem appropriate.’’. 2
147	147	(b) D
148	148	EFINITIONS.—Section 103 of the Employee Re-3
149	149	tirement Income Security Act of 1974 (29 U.S.C. 1023) 4
150	150	is further amended by adding at the end the following: 5
151	151	‘‘(h) D
152	152	EFINITIONS.—In this section: 6
153	153	‘‘(1) C
154	154	ONTROL.—The term ‘control’ has the 7
155	155	meaning given in section 800.208 of title 31, Code 8
156	156	of Federal Regulations (as in effect on the date of 9
157	157	enactment of the Protecting Americans’ Retirement 10
158	158	Savings Act). 11
159	159	‘‘(2) E
160	160	XPORT ADMINISTRATION REGULA -12
161	161	TIONS.—The term ‘Export Administration Regula-13
162	162	tions’ means the regulations set forth in subchapter 14
163	163	C of chapter VII of title 15, Code of Federal Regu-15
164	164	lations, or successor regulations. 16
165	165	‘‘(3) F
166	166	OREIGN ADVERSARY.—The term ‘foreign 17
167	167	adversary’ — 18
168	168	‘‘(A) has the meaning given the term ‘cov-19
169	169	ered nation’ in section 4872(d) of title 10, 20
170	170	United States Code (as in effect on the date of 21
171	171	enactment of this Act); and 22
172	172	‘‘(B) includes any Special Administrative 23
173	173	Region of any such covered nation. 24
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177	177	‘‘(4) FOREIGN ADVERSARY ENTITY .—The term 1
178	178	‘foreign adversary entity’ means— 2
179	179	‘‘(A) any official governmental body at any 3
180	180	level in a foreign adversary; 4
181	181	‘‘(B) the armed forces of a foreign adver-5
182	182	sary; 6
183	183	‘‘(C) the leading political party of a foreign 7
184	184	adversary; 8
185	185	‘‘(D) a person organized under the laws of, 9
186	186	headquartered in, or with its principal place of 10
187	187	business in a foreign adversary; or 11
188	188	‘‘(E) a person subject to the direction or 12
189	189	control of an entity listed in subparagraphs (A) 13
190	190	through (D). 14
191	191	‘‘(5) I
192	192	NTEREST.—The term ‘interest’ includes 15
193	193	any interest— 16
194	194	‘‘(A) held directly or indirectly through any 17
195	195	chain of ownership; or 18
196	196	‘‘(B) held as a derivative financial instru-19
197	197	ment or other contractual arrangement with re-20
198	198	spect to a sanctioned entity or foreign adver-21
199	199	sary entity, including any financial instrument 22
200	200	or other contract which seeks to replicate any 23
201	201	financial return with respect to such an entity 24
202	202	or an interest in such an entity. 25
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206	206	‘‘(6) SANCTIONED ENTITY .—The term ‘sanc-1
207	207	tioned entity’ means an entity listed on any of the 2
208	208	following lists: 3
209	209	‘‘(A) The Non-SDN Chinese Military-In-4
210	210	dustrial Complex Companies List (NS–CMIC 5
211	211	List) maintained by the Office of Foreign As-6
212	212	sets Control of the Department of the Treasury 7
213	213	under Executive Order 14032 (86 Fed. Reg. 8
214	214	30145; relating to Addressing the Threat From 9
215	215	Securities Investments That Finance Certain 10
216	216	Companies of the People’s Republic of China), 11
217	217	or any successor order. 12
218	218	‘‘(B) The list of Chinese military compa-13
219	219	nies identified by the Secretary of Defense pur-14
220	220	suant to section 1260H of the William M. 15
221	221	(Mac) Thornberry National Defense Authoriza-16
222	222	tion Act for Fiscal Year 2021 (Public Law 17
223	223	116–283; 10 U.S.C. 113 note). 18
224	224	‘‘(C) The Entity List maintained by the 19
225	225	Department of Commerce and set forth in Sup-20
226	226	plement No. 4 to part 744 of the Export Ad-21
227	227	ministration Regulations. 22
228	228	‘‘(D) The Denied Persons List maintained 23
229	229	by the Department of Commerce and described 24
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233	233	in section 764.3(a)(2) of the Export Adminis-1
234	234	tration Regulations. 2
235	235	‘‘(E) The Unverified List set forth in Sup-3
236	236	plement No. 6 to part 744 of the Export Ad-4
237	237	ministration Regulations. 5
238	238	‘‘(F) The Military End User List set forth 6
239	239	in Supplement No. 7 to part 744 of the Export 7
240	240	Administration Regulations. 8
241	241	‘‘(G) The list of companies whose equip-9
242	242	ment or services are maintained by the Federal 10
243	243	Communications Commission under section 2(a) 11
244	244	of the Secure and Trusted Communications 12
245	245	Networks Act of 2019 (47 U.S.C. 1601(a)), 13
246	246	commonly referred to as the FCC Covered list. 14
247	247	‘‘(H) The Uyghur Forced Labor Preven-15
248	248	tion Act Entity List maintained pursuant to 16
249	249	section 2(d)(2)(B) of the Act entitled ‘An Act 17
250	250	to ensure that goods made with forced labor in 18
251	251	the Xinjiang Uyghur Autonomous Region of the 19
252	252	People’s Republic of China do not enter the 20
253	253	United States market, and for other purposes’, 21
254	254	approved December 23, 2021 (Public Law 117– 22
255	255	78). 23
256	256	‘‘(I) The Withhold Release Orders and 24
257	257	Findings List maintained by the Commissioner 25
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261	261	of U.S. Customs and Border Protection pursu-1
262	262	ant to the Act entitled ‘An Act to ensure that 2
263	263	goods made with forced labor in the Xinjiang 3
264	264	Uyghur Autonomous Region of the People’s Re-4
265	265	public of China do not enter the United States 5
266	266	market, and for other purposes’, approved De-6
267	267	cember 23, 2021 (Public Law 117–78).’’. 7
268	268	(c) E
269	269	FFECTIVEDATE.— 8
270	270	(1) R
271	271	EGULATIONS REQUIRED .—Not more than 9
272	272	180 days after the enactment of this Act, the Sec-10
273	273	retary shall issue regulations implementing this Act. 11
274	274	(2) E
275	275	FFECTIVE DATE OF REGULATIONS .—The 12
276	276	regulations issued under paragraph (1) shall take ef-13
277	277	fect not later than 1 year after the date of enact-14
278	278	ment of this Act. 15
279	279	Æ
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