,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dhgb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #bf            
7legislative day1 ,octob] #ai71         
#bjbj,mr4 ,rubio introduc$ ! foll[+     
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,f9ance  ,a ,,bill  ,to   
prohibit ! trad+ ( ! securities ( c]ta9 
,communi/ ,*9ese milit>y companies on a 
national securities ex*ange1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,am]ican ,f9ancial ,m>kets 
,integrity & ,security ,act4  #b4       
,prohibitions relat+ to c]ta9 ,communi/ 
,*9ese milit>y companies  7a7           
,def9itions ,9 ?is section3 7#a7        
,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#b7 ,control ,! t]m control has ! mean+
 giv5 ! t]m 9 section #b7;a7 ( !        
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#b7;a774  7#c7 ,cov]$   
entity  7,a7 ,9 g5]al ,! t]m cov]$      
entity-- 7i7 means an entity on-- 7,i7 !
 li/ ( ,communi/ ,*9ese milit>y         

companies requir$ by section #abcg7;b7 (
 ! ,/rom ,?urmond ,national ,def5se     
,au?orization ,act = ,fiscal ,ye> #aiii 
7,public ,law #aje-bfa2 #ej ,u4,s4,c4   
#agja note72 or  7,,ii7 ! entity li/    
ma9ta9$ by ! ,bureau ( ,indu/ry &       
,security ( ! ,dep>tm5t ( ,comm]ce & set
 =? 9 ,supplem5t ,no4 #d to "p #gdd ( ! 
title #ae1 ,code ( ,f$]al ,regulations2 
&  7ii7 includes a p>5t1 subsidi>y1 or  
affiliate (1 or an entity controll$ by1 
an entity describ$ 9 clause 7i74  7,b7  
,grace p]iod ,= ! purposes ( ?is ,act1 &
 ! am5dm5ts made by ?is ,act1 an entity 
%all be consid]$ to be a cov]$ entity   
beg9n+ on ! date t is #a ye> aft] ! date
 on :i* ! entity fir/ qualifies "u !    
applicable provision ( subp>agraph 7,a74
  7#d7 ,ex*ange2 security ,! t]ms       
ex*ange & security h ! mean+s giv5 ^?   
t]ms 9 section #c7;a7 ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a774  7#e7 ,insurance company ,!  
t]m insurance company has ! mean+ giv5 !
 t]m 9 section #b7;a7 ( ! ,inve/m5t     

,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#b7;a774  7b7 ,prohibitions  7#a7 
,li/+ on ex*ange ,beg9n+ on ! date t is 
#a ye> aft] ! date ( enactm5t ( ?is     
,act1 ! ,commission %all prohibit a     
cov]$ entity f (f]+ to sell or sell+    
securities issu$ by ! cov]$ entity1     
includ+ pursuant to an exemption to     
section #e ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;e74  7#b7 ,inve/m5ts2
 limitation on actions  7,a7 ,9 g5]al ,!
 ,inve/m5t ,company ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;a-#a et seq47 is am5d$--  
7i7 9 section #ab7;d7 7#ae ,u4,s4,c4    
#hj;a-#ab7;d771 by add+ at ! end !      
foll[+3  7#f7 7,a7 ,x %all be unlawful =
 any inve/m5t company1 or any p]son t   
w\ld be an inve/m5t company b = !       
application ( p>agraph 7#a7 or 7#g7 (   
section #c7;c71 to inve/ 9 a cov]$      
entity4  7,b7 ,9 ?is p>agraph1 ! t]m    
cov]$ entity has ! mean+ giv5 ! t]m 9   
section #b7;a7 ( ! ,am]ican ,f9ancial   
,m>kets ,integrity & ,security ,act4  2 
&  7ii7 9 section #ac7;c77#a7-- 7,i7 9  

subp>agraph 7,a71 by /rik+ or at ! end2 
7,,ii7 9 subp>agraph 7,b71 by /rik+ !   
p]iod at ! end & ins]t+ or2 &  7,,iii7  
by add+ at ! end ! foll[+3  7,c7 are    
cov]$ entities1 z t t]m is def9$ 9      
section #ab7;d77#f77;,b74  4  7,b7      
,effective date ,! am5dm5ts made by     
subp>agraph 7,a7 %all take effect on !  
date t is #a ye> aft] ! date ( enactm5t 
( ?is ,act4  7#c7 ,f$]al funds  7,a7 ,9 
g5]al ,except z provid$ 9 subp>agraph   
7,b71 on & aft] ! date t is #ahj days   
aft] ! date ( enactm5t ( ?is ,act1 no   
,f$]al funds may be us$ to ent] into1   
ext5d1 or r5ew a contract or pur*as+    
agreem5t ) a cov]$ entity4  7,b7 ,waiv] 
,! head ( a ,f$]al ag5cy may issue a    
national security waiv] to ! prohibition
 9 subp>agraph 7,a7 = a p]iod ( n m ?an 
#b ye>s ) respect to a cov]$ entity if !
 ag5cy head submits to ,congress a      
notification t includes-- 7i7 a writt5  
ju/ification = ! waiv]2 &  7ii7 a plan =
 a phase-out ( ! goods or s]vices       
provid$ by ! cov]$ entity4  7#d7        

,inve/m5ts by insurance companies  7,a7 
,9 g5]al ,on & aft] ! date ( enactm5t ( 
?is ,act1 an insurance company %all n   
inve/ 9 a cov]$ entity4  7,b7           
,c]tification ( compliance  7i7 ,9 g5]al
 ,ea* insurance company %all1 on an     
annual basis1 submit to ! ,secret>y ( ! 
,treasury a c]tification ( compliance ) 
subp>agraph 7,a74  7ii7                 
,responsibilities ( ! ,secret>y ,!      
,secret>y ( ! ,treasury %all create a =m
 = ! submission requir$ "u clause 7i7 9 
su* a mann] t m9imizes ! report+ burd5  
on an insurance company mak+ !          
submission4  7,c7 ,%>+ in=mation ,!     
,secret>y ( ! ,treasury1 act+ ?r\gh !   
,f$]al ,insurance ,(fice1 %all %>e !    
in=mation receiv$ "u subp>agraph 7,b7 & 
coord9ate v]ification ( compliance )    
,/ate insurance (fices4  7c7 ,qualifi$  
tru/s1 etc  7#a7 ,9 g5]al ,subsection   
7a7 ( section #dja ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by ins]t+ aft]   
p>agraph 7#ch7 ! foll[+ new p>agraph3   
7#ci7 ,prohibit$ inve/m5ts ,a tru/ :i*  

is "p ( a plan %all n be treat$ z a     
qualifi$ tru/ "u ?is subsection unless !
 plan provides t no "p ( ! plan's assets
 w be inve/$ 9 any cov]$ entity 7z def9$
 9 section #ab7;d77#f77;,b7 ( !         
,inve/m5t ,company ,act ( #aidj74  4    
7#b7 ,i,r,as ,p>agraph 7#c7 ( section   
#djh7;a7 ( su* ,code is am5d$ by /rik+  
contracts & ins]t+ contracts or 9 any   
cov]$ entity 7z def9$ 9 section         
#ab7;d77#f77;,b7 ( ! ,inve/m5t ,company 
,act ( #aidj4  7#c7 ,fiduci>y duty      
,section #djd ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7 is am5d$ by add+ at !  
end ! foll[+ new subsection3  7f7       
,prohibit$ inve/m5ts ,no fiduci>y %all  
cause any assets ( a plan to be inve/$ 9
 any cov]$ entity 7z def9$ 9 section    
#ab7;d77#f77;,b7 ( ! ,inve/m5t ,company 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#ab7;d77#f77;,b7774  4  7#d7      
,effective date  7,a7 ,9 g5]al ,except z
 provid$ 9 subp>agraph 7,b71 ! am5dm5ts 
made by ?is subsection %all apply to    

plan ye>s beg9n+ aft] ! date :i* is #ahj
 days aft] ! date ( ! enactm5t ( ?is    
,act4  7,b7 ,plan am5dm5ts ,if          
subp>agraph 7,c7 applies to any         
retirem5t plan or contract am5dm5t-- 7i7
 su* plan or contract %all n fail to be 
treat$ z be+ op]at$ 9 accordance ) !    
t]ms ( ! plan dur+ ! p]iod describ$ 9   
subp>agraph 7,c77ii7 solely because !   
plan op]ates 9 accordance ) ! am5dm5ts  
made by ?is subsection1 &  7ii7 except z
 provid$ by ! ,secret>y ( ! ,treasury   
7or ! ,secret>y's delegate71 su* plan or
 contract %all n fail to meet !         
requirem5ts ( ! ,int]nal ,rev5ue ,code (
 #aihf or ! ,employee ,retirem5t ,income
 ,security ,act ( #aigd by reason ( su* 
am5dm5t4  7,c7 ,am5dm5ts to :i* p>agraph
 applies  7i7 ,9 g5]al ,?is subp>agraph 
%all apply to any am5dm5t to any plan or
 annuity contract :i*-- 7,i7 is made    
pursuant to ! provisions ( ?is section1 
&  7,,ii7 is made on or be=e ! la/ day (
 ! fir/ plan ye> beg9n+ on or aft] !    
date :i* is #b ye>s aft] ! date ( !     

enactm5t ( ?is ,act 7#d ye>s aft] su*   
date ( enactm5t1 9 ! case ( a gov]nm5tal
 plan74  7ii7 ,conditions ,?is          
subp>agraph %all n apply to any am5dm5t 
unless-- 7,i7 dur+ ! p]iod beg9n+ on !  
date :i* is #ahj days aft] ! date ( !   
enactm5t ( ?is ,act1 & end+ on ! date   
describ$ 9 subclause 7,i77bb7 7or1 if   
e>li]1 ! date ! plan or contract am5dm5t
 is adopt$71 ! plan or contract is      
op]at$ z if su* plan or contract am5dm5t
 7 9 effect1 &  7,,ii7 su* plan or      
contract am5dm5t applies retroactively =
 su* p]iod4  7,d7 ,subsequ5t am5dm5ts   
,rules simil> to ! rules ( subp>agraphs 
7,b7 & 7,c7 %all apply 9 ! case ( any   
am5dm5t to any plan or annuity contract 
made pursuant to any update ( ! li/ (   
,communi/ ,*9ese milit>y companies      
requir$ by section #abcg7;b7 ( ! ,/rom  
,?urmond ,national ,def5se ,au?orization
 ,act = ,fiscal ,ye> #aiii 7,public ,law
 #aje-bfa2 #ej ,u4,s4,c4 #agja note7 :i*
 is made aft] ! effective date ( !      
am5dm5ts made by ?is subsection4  #c4   

,modification ( requirem5ts = li/ (     
,communi/ ,*9ese milit>y companies      
,section #abcg7;b7 ( ! ,/rom ,?urmond   
,national ,def5se ,au?orization ,act =  
,fiscal ,ye> #aiii 7,public ,law        
#aje-bfa2 #ej ,u4,s4,c4 #agja note7 is  
am5d$-- 7#a7 by /rik+ p>agraph 7#b7 &   
ins]t+ ! foll[+3  7#b7 ,revisions to !  
li/  7,a7 ,additions ,! ,secret>y (     
,def5se1 ! ,secret>y ( ,comm]ce1 or !   
,director ( ,national ,intellig5ce may  
add a p]son to ! li/ requir$ by p>agraph
 7#a7 at any "t4  7,b7 ,removals ,a     
p]son may be remov$ f ! li/ requir$ by  
p>agraph 7#a7 if ! ,secret>y ( ,def5se1 
! ,secret>y ( ,comm]ce1 & ! ,director ( 
,national ,intellig5ce agree to remove !
 p]son f ! li/4  7,c7 ,submission (     
updates to ,congress ,n lat] ?an        
,febru>y #a ( ea* ye>1 ! ,secret>y (    
,def5se %all submit a v]sion ( ! li/    
requir$ 9 p>agraph 7#a71 updat$ to      
include any additions or removals "u ?is
 p>agraph1 to ! committees & (fic]s     
specifi$ 9 p>agraph 7#a74  2  7#b7 by   

/rik+ p>agraph 7#c7 & ins]t+ ! foll[+3  
7#c7 ,consultation ,9 c>ry+ out         
p>agraphs 7#a7 & 7#b71 ! ,secret>y (    
,def5se1 ! ,secret>y ( ,comm]ce1 & !    
,director ( ,national ,intellig5ce %all 
consult ) ea* o!r1 ! ,attorney ,g5]al1 &
 ! ,director ( ! ,f$]al ,bureau (       
,inve/igation4  2 &  7#c7 9 p>agraph    
7#d71 by /rik+ mak+ ! det]m9ation       
requir$ by p>agraph 7#a7 & ( c>ry+ out  
p>agraph 7#b7 & ins]t+ ?is section4  #d4
 ,analysis ( f9ancial ambitions ( !     
gov]nm5t ( ! p's republic ( *9a  7a7    
,analysis requir$ ,! ,director ( !      
,(fice ( ,comm]cial & ,economic         
,analysis ( ! ,air ,=ce %all conduct an 
analysis (-- 7#a7 ! /rategic importance 
to ! ,gov]nm5t ( ! ,p's ,republic ( ,*9a
 ( infl[s ( ,unit$ ,/ates doll>s ?r\gh  
capital m>kets to ! ,p's ,republic (    
,*9a2  7#b7 ! me?ods by :i* t ,gov]nm5t 
seeks to manage su* infl[s2  7#c7 h[ !  
inclusion ( ! securities ( ,*9ese       
entities 9 /ock or bond indexes affects 
su* infl[s & s]ves ! f9ancial ambitions 

( t ,gov]nm5t2 &  7#d7 h[ ! li/+ ( !    
securities ( ,*9ese entities on ex*anges
 9 ! ,unit$ ,/ates assi/s 9-- 7,a7 meet+
 ! /rategic goals ( t ,gov]nm5t1 includ+
 def5se1 surveillance1 & intellig5ce    
goals2 &  7,b7 ! fusion ( ! civilian &  
milit>y compon5ts ( t ,gov]nm5t4  7b7   
,submission to congress ,! ,director ( !
 ,(fice ( ,comm]cial & ,economic        
,analysis ( ! ,air ,=ce %all submit to  
,congress a report-- 7#a7 sett+ =? !    
results ( ! analysis conduct$ "u        
subsection 7a72 &  7#b7 bas$ on t       
analysis1 mak+ recomm5dations = be/     
practices to mitigate any national      
security & economic risks to ! ,unit$   
,/ates relat+ to ! f9ancial ambitions ( 
! ,gov]nm5t ( ! ,p's ,republic ( ,*9a4