Congressman Fine (R-FL) introduced earlier this month legislation to prevent the Thrift Savings Plan (TSP) from being invested in “Countries of Concern” by incorporating national security interests into the fiduciary responsibilities of the management of the Thrift Savings Fund.
“It is in the United States’ best interest to prevent the TSP from being invested in countries of concern, such as China,” said Congressman Randy Fine. “My bill would prevent excess funds from falling into the hands of our adversaries and stop them from being used to develop weapons that could be turned against the United States.”
According to a press statement from Fine’s office, if passed, the TSP Fiduciary Security Act (HR 7357) would:
- Prevent investments in entities on certain lists maintained by the Department of War and the Department of Commerce.
- Ensure that major industry does not suffer significant losses due to the regulations, including exceptions for impacts to the defense industry, emerging technology, and critical technology.
- Prohibit TSP investments in any Chinese-based companies through the mutual fund window.
Additional countries listed in the legislation include: Cuba, Iran, Russia, North Korea, Syria, Sudan, and Venezuela.
To read the full text of the bill, go here.