,i #aah? ,,congress #a/ ,session ,h4 ,r4 #febh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,novemb] #cj1 #bjbc,mr4 ,johnson ( ,s\? ,dakota 7= himself1 ,mr4 ,mool5a>1 ,mr4 ,wittman1 ,mrs4 ,h9son1 & ,mr4 ,gim5ez7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to enc\rage ,/ate & local gov]nm5ts to prohibit c]ta9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,,prc ,acc\ntability & ,dive/m5t ,act ( #bjbc4 #b4 ,au?ority ( ,/ate or local gov]nm5ts to dive/ f c]ta9 entities t inve/ 9 ,*9a 7a7 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! ,unit$ ,/ates %\ld support ! decision ( any ,/ate or local gov]nm5t t = moral1 prud5tial1 or reputational reasons dive/s f1 or prohibits ! inve/m5t ( assets ( ! ,/ate or local gov]nm5t 91 a p]son t engages 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a1 z describ$ 9 subsection 7c74 7b7 ,au?ority ,to dive/ ,not)/&+ any o!r provision ( law1 a ,/ate or local gov]nm5t may adopt & en=ce measures t meet ! requirem5ts ( subsection 7d7 to dive/ ! assets ( ! ,/ate or local gov]nm5t f1 or prohibit inve/m5t ( ! assets ( ! ,/ate or local gov]nm5t 91 any p]son t ! ,/ate or local gov]nm5t det]m9es1 us+ cr$ible in=mation available to ! public1 engages 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a describ$ 9 subsection 7c74 7c7 ,inve/m5t activities describ$ ,a p]son describ$ 9 ?is subsection engages 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a if ! p]son has an inve/m5t 9 any ( ! foll[+3 7#a7 ,a ,*9ese entity-- 7,a7 designat$ by ,executive ,ord] #aciei 7#ej ,u4,s4,c4 #agja note2 relat+ to address+ ! ?reat f securities inve/m5ts t f9ance ,communi/ ,*9ese milit>y companies72 7,b7 designat$ by ,executive ,ord] #adaje 7#hh ,f$4 ,reg4 #edhfg2 relat+ to address+ ,unit$ ,/ates inve/m5ts 9 c]ta9 national security te*nologies & products 9 c\ntries ( conc]n72 or 7,c7 includ$ 9 ! ,li/ ( ,specially ,designat$ ,nationals & ,block$ ,p]sons ma9ta9$ by ! ,(fice ( ,=eign ,assets ,control4 7#b7 ,a ,*9ese entity-- 7,a7 includ$ on ! ,non-,,sdn ,*9ese ,milit>y-,indu/rial ,complex ,companies ,li/ 7,,ns-,,cmic ,li/7 ma9ta9$ by ! ,(fice ( ,=eign ,assets ,control ( ! ,dep>tm5t ( ! ,treasury "u ,executive ,ord] #adjcb2 7,b7 t is a ,*9ese milit>y company or a milit>y-civil fusion contributor & includ$ on ! li/ ma9ta9$ by ! ,dep>tm5t ( ,def5se 9 accordance ) section #abfj;,h7b7 ( ! ,national ,def5se ,au?orization ,act = ,fiscal ,ye> #bjba 7#aj ,u4,s4,c4 #aac note72 7,c7 includ$ on ! li/ requir$ "u section #abcg ( ! ,national ,def5se ,au?orization ,act = ,fiscal ,ye> #aiii 7#ej ,u4,s4,c4 #agja note72 7,d7 includ$ on ! ,entity ,li/ set =? 9 ,supplem5t ,no4 #d to "p #gdd ( ! ,export ,adm9i/ration ,regulations2 7,e7 includ$ on ! ,d5i$ ,p]sons ,li/ describ$ 9 section #gfd4c7;a77#b7 ( ! ,export ,adm9i/ration ,regulations2 7,f7 includ$ on ! ,unv]ifi$ ,li/ set =? 9 ,supplem5t ,no4 #f to "p #gdd ( ! ,export ,adm9i/ration ,regulations2 7,g7 includ$ on ! ,milit>y ,end ,us] ,li/ set =? 9 ,supplem5t ,no4 #g to "p #gdd ( ! ,export ,adm9i/ration ,regulations2 7,h7 t produces or provides communications equipm5t or s]vice on ! li/ publi%$ by ! ,f$]al ,communications ,commission "u section #b7;a7 ( ! ,secure & ,tru/$ ,communications ,networks ,act ( #bjai 7#dg ,u4,s4,c4 #afja7;a772 7,i7 includ$ on ! on ! ,uyghur ,=c$ ,labor ,prev5tion ,act ,entity ,li/1 ma9ta9$ by ! ,dep>tm5t ( ,homel& ,security2 7,j7 includ$ on ! ,)hold ,release ,ord]s & ,f9d+s ,li/ ma9ta9$ by ! ,commission] ( ,u4,s4 ,cu/oms & ,bord] ,protection pursuant to ! ,uyghur ,=c$ ,labor ,prev5tion ,act 7,public ,law #aag-gh72 7,k7 includ$ on ! li/ ( cov]$ issu]s 7z def9$ 9 section #ajd ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbad77 ma9ta9$ by ! ,securities & ,ex*ange ,commission2 or 7,l7 any o!r li/ ma9ta9$ by ! ,unit$ ,/ates ,gov]nm5t t designates a ,*9ese entities = a re/riction relat+ to inve/m5t1 contract+1 or procurem5t4 7#c7 ,a ,*9ese entity o!rwise subject to ! control ( a ,*9ese entity li/$ 9 7#a7 or 7#b74 7#d7 ,any ag5cy or in/rum5tality ( ! ,p's ,republic ( ,*9a4 7d7 ,requirem5ts ,any measure tak5 by a ,/ate or local gov]nm5t "u subsection 7b7 %all meet ! foll[+ requirem5ts3 7#a7 ,notice ,! ,/ate or local gov]nm5t %all provide writt5 notice to ea* p]son to :i* a measure is to be appli$4 7#b7 ,tim+ ,! measure %all apply to a p]son n e>li] ?an ! date t is #ij days aft] ! date on :i* writt5 notice is provid$ to ! p]son "u p>agraph 7#a74 7#c7 ,opportunity = he>+ ,! ,/ate or local gov]nm5t %all provide an opportunity to comm5t 9 writ+ to ea* p]son to :i* a measure is to be appli$4 ,if ! p]son demon/rates to ! ,/ate or local gov]nm5t t ! p]son does n engage 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a describ$ 9 subsection 7c71 ! measure %all n apply to ! p]son4 7#d7 ,s5se ( ,congress on avoid+ errone\s t>get+ ,x is ! s5se ( ,congress t a ,/ate or local gov]nm5t %\ld n adopt a measure "u subsection 7b7 ) respect to a p]son unless ! ,/ate or local gov]nm5t has made e ef=t to avoid errone\sly t>get+ ! p]son & has v]ifi$ t ! p]son engages 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a describ$ 9 subsection 7c74 7e7 ,notice to ,dep>tm5t ( ,ju/ice ,n lat] ?an #cj days aft] adopt+ a measure pursuant to subsection 7b71 a ,/ate or local gov]nm5t %all submit writt5 notice to ! ,attorney ,g5]al describ+ ! measure4 7f7 ,rule ( con/ruction ,a ,f$]al law or regulation1 includ+ ?is ,act1 %all n preempt any measure ( a ,/ate or local gov]nm5t au?oriz$ "u subsection 7b74 7g7 ,effective date 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b7 or subsection 7h71 ?is section applies to measures adopt$ by a ,/ate or local gov]nm5t be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,notice requirem5ts ,except z provid$ 9 subsection 7h71 subsections 7d7 & 7e7 apply to measures adopt$ by a ,/ate or local gov]nm5t on or aft] ! date ( ! enactm5t ( ?is ,act4 7h7 ,au?orization = prior enact$ measures 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section or any o!r provision ( law1 a ,/ate or local gov]nm5t may en=ce a measure 7)\t reg>d to ! requirem5ts ( subsection 7d71 except z provid$ 9 p>agraph 7#b77 adopt$ by ! ,/ate or local gov]nm5t be=e ! date ( ! enactm5t ( ?is ,act t provides = ! dive/m5t ( assets ( ! ,/ate or local gov]nm5t f1 or prohibits ! inve/m5t ( ! assets ( ! ,/ate or local gov]nm5t 91 any p]son t ! ,/ate or local gov]nm5t det]m9es1 us+ cr$ible in=mation available to ! public1 engages 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a 7det]m9$ )\t reg>d to subsection 7c77 or o!r bus9ess activities 9 ! ,p's ,republic ( ,*9a t are id5tifi$ 9 ! measure4 7#b7 ,application ( notice requirem5ts ,a measure describ$ 9 p>agraph 7#a7 %all be subject to ! requirem5ts ( p>agraphs 7#a7 & 7#b7 & ! fir/ s5t5ce ( p>agraph 7#c7 ( subsection 7d7 on & aft] ! date t is #b ye>s aft] ! date ( ! enactm5t ( ?is ,act4 7i7 ,def9itions ,9 ?is section3 7#a7 ,assets 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! t]m assets ref]s to public monies & includes any p5sion1 retirem5t1 annuity1 or end[m5t fund1 or simil> in/rum5t1 t is controll$ by a ,/ate or local gov]nm5t4 7,b7 ,exception ,! t]m assets does n include employee b5efit plans cov]$ by title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja et seq474 7#b7 ,*9ese entity ,! t]m ,*9ese entity means-- 7,a7 a p]son t is incorporat$ 91 has a pr9cipal place ( bus9ess 91 or is organiz$ "u ! laws ( ! ,p's ,republic ( ,*9a2 7,b7 a p]son ^: equity securities are trad$ 9 ! ord9>y c\rse ( bus9ess on "o or m ex*anges 9 ! ,p's ,republic ( ,*9a2 or 7,c7 a p]son :o is controll$ by a s+le entity or individual1 t is-- 7i7 a citiz51 national1 or resid5t ( ! ,p's ,republic ( ,*9a1 o!r ?an an individual :o is-- 7,i7 a citiz5 or lawful p]man5t resid5t ( ! ,unit$ ,/ates2 or 7,,ii7 domicil$ 9 ,taiwan & possesses a valid id5tification c>d or numb] issu$ by ! ,gov]nm5t ( ,taiwan2 7ii7 an ag5t or in/rum5tality ( ! ,p's ,republic ( ,*9a2 or 7iii7 a p]son describ$ 9 subp>agraph 7,a7 or 7,b74 7#c7 ,control ,! t]m control has ! mean+ giv5 t t]m 9 "p #hjj4bjh ( title #ca1 ,code ( ,f$]al ,regulations1 or any successor regulations4 7#d7 ,inve/m5t ,! inve/m5t includes-- 7,a7 a commitm5t or contribution ( funds or prop]ty2 7,b7 a loan or o!r ext5sion ( cr$it2 & 7,c7 ! entry into or r5ewal ( a contract = goods or s]vices4 7#e7 ,measure ,! t]m measure means a law or regulation4 7#f7 ,p's ,republic ( ,*9a ,! t]m ,p's ,republic ( ,*9a includes any & all ,special ,adm9i/rative ,regions ( ,*9a1 includ+ ,hong ,kong & ,macau b n includ+ ,taiwan4 7#g7 ,p]son ,! t]m p]son means-- 7,a7 a natural p]son1 corporation1 company1 bus9ess association1 p>tn]%ip1 society1 tru/1 or any o!r nongov]nm5tal entity1 organization1 or gr\p2 7,b7 any gov]nm5tal entity or in/rum5tality ( a gov]nm5t1 includ+ a multilat]al developm5t in/itution 7z def9$ 9 section #agja7;c77#c7 ( ! ,int]national ,f9ancial ,in/itutions ,act 7#bb ,u4,s4,c4 #bfbr7c77#c7772 & 7,c7 any successor1 subunit1 p>5t entity1 or subsidi>y (1 or any entity "u common own]%ip or control )1 any entity describ$ 9 subp>agraph 7,a7 or 7,b74 7#h7 ,/ate or local gov]nm5t ,! t]m ,/ate or local gov]nm5t includes-- 7,a7 any ,/ate & any ag5cy or in/rum5tality !re(2 7,b7 any local gov]nm5t )9 a ,/ate1 & any ag5cy or in/rum5tality !re(2 7,c7 any o!r gov]nm5tal in/rum5tality ( a ,/ate or locality2 & 7,d7 any public in/itution ( high] education )9 ! mean+ ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja et seq474 7#i7 ,/ate ,! t]m ,/ate means ea* ( ! sev]al ,/ates4 #c4 ,safe h>bor = *anges ( inve/m5t policies by asset manag]s 7a7 ,9 g5]al ,section #ac7;c77#a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ac7;c77#a77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ or at ! end2 7#b7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7#c7 by add+ at ! end ! foll[+3 7,c7 engage 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a describ$ 9 section #b7;c7 ( ! ,,prc ,acc\ntability & ,dive/m5t ,act ( #bjbc4 4 7b7 ,regulations ,n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all issue any revisions ! ,commission det]m9es to be necess>y to ! regulations requir+ disclosure by ea* regi/]$ inve/m5t company t dive/s itself ( securities 9 accordance ) section #ac7;c7 ( ! ,inve/m5t ,company ,act ( #aidj to include dive/m5ts ( securities 9 accordance ) p>agraph 7#a77;,c7 ( su* section1 z add$ by subsection 7a74 #d4 ,s5se ( ,congress reg>d+ c]ta9 ,,erisa plan inve/m5ts ,x is ! s5se ( ,congress t a fiduci>y ( an employee b5efit plan1 z def9$ 9 section #c7c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7c771 may dive/ plan assets f1 or avoid inve/+ plan assets 91 any p]son ! fiduci>y det]m9es engages 9 inve/m5t activities 9 ! ,p's ,republic ( ,*9a describ$ 9 section #b7;c7 ( ?is ,act1 )\t brea*+ ! responsibilities1 obligations1 or duties impos$ ^u ! fiduci>y by subp>agraph 7,a7 or 7,b7 ( section #djd7;a77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajd7;a77#a771 if-- 7#a7 ! fiduci>y makes su* det]m9ation us+ cr$ible in=mation t is available to ! public2 & 7#b7 ! fiduci>y prud5tly det]m9es t ! result ( su* dive/m5t or avoidance ( inve/m5t w\ld n be expect$ to provide ! employee b5efit plan )-- 7,a7 a l[] rate ( return ?an alt]native inve/m5ts ) comm5surate degrees ( risk2 or 7,b7 a high] degree ( risk ?an alt]native inve/m5ts ) comm5surate rates ( return4