Legis Daily

TSP Fiduciary Security Act

USA117th CongressS-1993| Senate 
| Updated: 6/9/2021
Marco Rubio

Marco Rubio

Republican Senator

Florida

Homeland Security and Governmental Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 9, 2021
Introduced in Senate
Jun 9, 2021
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
  • June 9, 2021
    Introduced in Senate


  • June 9, 2021
    Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Government Operations and Politics

Administrative law and regulatory proceduresAdvanced technology and technological innovationsAfricaAsiaCaribbean areaChinaCivil actions and liabilityCongressional oversightCorporate finance and managementCubaDepartment of LaborEmployee benefits and pensionsEuropeFinancial services and investmentsForeign and international corporationsGovernment employee pay, benefits, personnel managementIranLatin AmericaMiddle EastMilitary assistance, sales, and agreementsMilitary procurement, research, weapons developmentNorth KoreaPublic contracts and procurementResearch and developmentRussiaSecuritiesSudanSyriaTerrorismVenezuela

TSP Fiduciary Security Act

USA117th CongressS-1993| Senate 
| Updated: 6/9/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 9, 2021
Introduced in Senate
Jun 9, 2021
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
  • June 9, 2021
    Introduced in Senate


  • June 9, 2021
    Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Marco Rubio

Marco Rubio

Republican Senator

Florida

Homeland Security and Governmental Affairs Committee

Government Operations and Politics

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresAdvanced technology and technological innovationsAfricaAsiaCaribbean areaChinaCivil actions and liabilityCongressional oversightCorporate finance and managementCubaDepartment of LaborEmployee benefits and pensionsEuropeFinancial services and investmentsForeign and international corporationsGovernment employee pay, benefits, personnel managementIranLatin AmericaMiddle EastMilitary assistance, sales, and agreementsMilitary procurement, research, weapons developmentNorth KoreaPublic contracts and procurementResearch and developmentRussiaSecuritiesSudanSyriaTerrorismVenezuela