Legis Daily

TSP Fiduciary Security Act of 2023

USA118th CongressS-149| Senate 
| Updated: 1/30/2023
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 of 2023 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.
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Timeline

Bill from Previous Congress

S 117-1993
TSP Fiduciary Security Act
Jan 30, 2023
Introduced in Senate
Jan 30, 2023
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
  • Bill from Previous Congress

    S 117-1993
    TSP Fiduciary Security Act


  • January 30, 2023
    Introduced in Senate


  • January 30, 2023
    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 of 2023

USA118th CongressS-149| Senate 
| Updated: 1/30/2023
TSP Fiduciary Security Act of 2023 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

Bill from Previous Congress

S 117-1993
TSP Fiduciary Security Act
Jan 30, 2023
Introduced in Senate
Jan 30, 2023
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
  • Bill from Previous Congress

    S 117-1993
    TSP Fiduciary Security Act


  • January 30, 2023
    Introduced in Senate


  • January 30, 2023
    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