TSP Fiduciary Security Act
- Last Action
- 6/9/2021
Actions
- 2021-06-09Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
- 2021-06-09Introduced in Senate
CRS Summary
As of 2021-06-09 (00)
TSP Fiduciary Security Act
This bill incorporates national security interests into management of the Thrift Savings Fund.
Specifically, the bill requires fiduciaries that are responsible for managing the fund (i.e., the Federal Retirement Thrift Investment Board) to prevent fund investments and associated votes that harm the national security of the United States, including investments in entities on certain lists maintained by the Department of Defense and the Department of Commerce (e.g., Chinese military companies). The Department of Labor must issue implementing regulations that include these and other standards for compliance.
Beginning January 1, 2025, fiduciaries may be held personally liable for monetary damages and may be assessed civil penalties for failing to meet these requirements.
Subjects
- Administrative law and regulatory procedures
- Advanced technology and technological innovations
- Africa
- Asia
- Caribbean area
- China
- Civil actions and liability
- Congressional oversight
- Corporate finance and management
- Cuba
- Department of Labor
- Employee benefits and pensions
- Europe
- Financial services and investments
- Foreign and international corporations
- Government employee pay, benefits, personnel management
- Iran
- Latin America
- Middle East
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.