,,ii  #aai? ,,congress  #a/ ,session    
,s4 #acfh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #i1 #bjbe,mr4   
,scott ( ,florida introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,homel& ,security &       
,gov]nm5tal ,affairs  ,a ,,bill  ,to    
am5d title #e1 ,unit$ ,/ates ,code1 to  
address ! responsibilities ( fiduci>ies 
) respect to ! ,?rift ,sav+s ,fund1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,,tsp ,fiduci>y        
,security ,act ( #bjbe4  #b4 ,f9d+s     
,congress f9ds ! foll[+3 7#a7 ,! ,f$]al 
,retirem5t ,?rift ,inve/m5t ,bo>d has a 
fiduci>y duty to manage ! ,?rift ,sav+s 
,fund 9 ! be/ int]e/ ( ! b5efici>ies ( !
 ,fund4  7#b7 ,! pr9cipal b5efici>ies ( 
! ,?rift ,sav+s ,fund are ! civil       
s]vants ( ! ,unit$ ,/ates1 & memb]s ( ! 
uni=m$ s]vices1 :o are task$ ) def5d+ ! 
national security ( ! ,unit$ ,/ates4    
7#c7 ,! duty ( ! ,f$]al ,retirem5t      
,?rift ,inve/m5t ,bo>d to manage !      
,?rift ,sav+s ,fund 9 ! be/ int]e/s ( ! 

b5efici>ies ( ! ,fund includes a duty n 
to h>m ! national security ( ! ,unit$   
,/ates4  #c4 ,fiduci>y responsibilities 
) respect to ,?rift ,sav+s ,fund        
,section #hdgg ( title #e1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subsection    
7b77#a7-- 7,a7 9 subp>agraph 7,b71 by   
/rik+ 2 & & ins]t+ a semicolon2  7,b7 9 
subp>agraph 7,c71 by /rik+ ! p]iod at ! 
end & ins]t+ 2 &2 &  7,c7 by add+ at !  
end ! foll[+3  7,d7 to ! maximum ext5t  
practicable1 by prev5t+ ! inve/m5ts ( ! 
,?rift ,sav+s ,fund 7or portions !re(71 
& ! ex]cise ( vot+ rights associat$ )   
any su* inve/m5ts1 f h>m+ ! national    
security ( ! ,unit$ ,/ates4  2 &  7#b7 9
 subsection 7e71 by add+ at ! end !     
foll[+3  7#i7 7,a7 ,not)/&+ any o!r     
provision ( ?is subsection1 no fiduci>y 
%all be p]sonally liable = any monet>y  
damages1 or be assess$ any civil p5alty1
 "u ?is subsection ) respect to a brea* 
( ! requirem5t "u subsection            
7b77#a77;,d74  7,b7 ,subp>agraph 7,a7   
%all cease to h effect beg9n+ on ,janu>y

 #a1 #bjbg4  4  #d4 ,review ( ,?rift    
,sav+s ,fund = compliance ) fiduci>y    
duties  7a7 ,9 g5]al ,section #hdgg7;f7 
( title #e1 ,unit$ ,/ates ,code1 is     
am5d$-- 7#a7 by ins]t+ 7#a7 aft] 7f72 & 
7#b7 by add+ at ! end ! foll[+3  7#b7   
7,a7 ,n lat] ?an #a ye> aft] ! date (   
enactm5t ( ?is p>agraph1 ! ,secret>y (  
,labor1 9 consultation ) ! ,secret>y (  
,def5se1 ! ,attorney ,g5]al1 ! ,secret>y
 ( ,homel& ,security1 & ! ,secret>y ( ! 
,treasury1 %all prescribe regulations to
 c>ry out subsection 7b77#a77;,d7 )     
respect to ea* ( ! foll[+3 7i7 ,!       
inve/m5ts ( ! ,?rift ,sav+s ,fund1 :i*  
%all include ! e/abli%m5t ( /&>ds by :i*
 compliance ) subsection 7b77#a77;,d7 ) 
respect to ! inve/m5ts ( ! ,?rift ,sav+s
 ,fund 7or portions !re(7 %all be       
det]m9$4  7ii7 ,! ex]cise ( vot+ rights 
associat$ ) ! inve/m5ts ( ! ,?rift      
,sav+s ,fund 7or portions !re(74  7,b7  
,! regulations prescrib$ "u subp>agraph 
7,a77ii7 %all include-- 7i7 ! e/abli%m5t
 ( a process by :i* ! ex]cise ( vot+    

rights describ$ 9 subp>agraph 7,a77ii7  
%all be review$ by ! ,secret>y ( ,labor1
 9 consultation ) ! ,secret>y ( ,def5se1
 ! ,attorney ,g5]al1 ! ,secret>y (      
,homel& ,security1 & ! ,secret>y ( !    
,treasury1 = compliance ) subsection    
7b77#a77;,d7 ) respect to ! ex]cise ( ^?
 rights2 &  7ii7 ! e/abli%m5t ( /&>ds by
 :i* compliance ) subsection            
7b77#a77;,d7 ) respect to ! ex]cise (   
vot+ rights describ$ 9 subp>agraph      
7,a77ii7 %all be det]m9$1 includ+ !     
factors contribut+ to a det]m9ation t a 
cov]$ vote w\ld n comply ) subsection   
7b77#a77;,d74  7,c7 ,= ! purposes ( any 
regulation prescrib$ "u subp>agraph     
7,a71 ! ,secret>y ( ,labor %all presume 
t-- 7i7 an inve/m5t ( ! ,?rift ,sav+s   
,fund 7or portions !re(7 does n comply )
 subsection 7b77#a77;,d7 if ! inve/m5t  
inve/s 9-- 7,i7 an entity includ$ on--  
7aa7 ! li/ ( ,communi/ ,*9ese milit>y   
companies ma9ta9$ "u section #abcg7;b7 (
 ! ,/rom ,?urmond ,national ,def5se     
,au?orization ,act = ,fiscal ,ye> #aiii 

7#ej ,u4,s4,c4 #agja note72 or  7bb7 !  
entity li/ ma9ta9$ by ! ,bureau (       
,indu/ry & ,security ( ! ,dep>tm5t (    
,comm]ce & set =? 9 ,supplem5t ,no4 #d  
to "p #gdd ( title #ae1 ,code ( ,f$]al  
,regulations2 or  7,,ii7 a p>5t1        
subsidi>y1 or affiliate (1 or an entity 
controll$ by1 an entity describ$ 9      
subclause 7,i72 &  7ii7 an ex]cise (    
vot+ rights associat$ ) any inve/m5ts ( 
! ,?rift ,sav+s ,fund 7or portions !re(7
 does n comply ) subsection 7b77#a77;,d7
 if t ex]cise ( vot+ rights is a cov]$  
vote ) respect to a proposal t w\ld--   
7,i7 approve or ratify a transaction1   
includ+ a transaction describ$ 9        
subp>agraph 7,d77ii77,i71 t w\ld cause1 
or w\ld reasonably be expect$ to cause1 
an entity to :i* ! cov]$ vote applies   
to-- 7aa7 brea* any contract ) ! ,f$]al 
,gov]nm5t to :i* ! entity is a p>ty1 &  
"u :i* ! consid]ation provid$ to !      
entity ov] ! c\rse ( ! entire contract  
is m ?an #aj1jjj1jjj1 if ! entity has   
o!rwise compli$ ) all applicable laws & 

regulations 9 fulfill+ !                
responsibilities ( ! entity ) respect to
 ! contract2  7bb7 significantly r$uce !
 production (1 or ! capital exp5diture  
or rese>* & developm5t exp5diture )     
respect to1 any-- 7,,aa7 indu/rial      
res\rces1 critical te*nology items1 or  
mat]ials t are ess5tial to ! national   
def5se 7z ^? t]ms are def9$ 9 section   
#gjb ( ! ,def5se ,production ,act (     
#aiej 7#ej ,u4,s4,c4 #deeb772 or 7,,bb7 
em]g+ & f\ndational te*nology id5tifi$  
by ! ,presid5t "u section #ageh ( !     
,export ,controls ,act ( #bjah 7#ej     
,u4,s4,c4 #dhag72 or  7cc7 outs\rce or  
sub/antially sell1 :e!r to any affiliat$
 entity or jo9t v5ture1 or by contract1 
to any entity locat$ 9 a cov]$ c\ntry1  
any-- 7,,aa7 indu/rial res\rces1        
critical te*nology items1 or mat]ials t 
are ess5tial to ! national def5se 7z ^? 
t]ms are def9$ 9 section #gjb ( !       
,def5se ,production ,act ( #aiej 7#ej   
,u4,s4,c4 #deeb772 or 7,,bb7 em]g+ &    
f\ndational te*nology id5tifi$ by !     

,presid5t "u section #ageh ( ! ,export  
,controls ,act ( #bjah 7#ej ,u4,s4,c4   
#dhag72 or  7,,ii7 elect to ! bo>d (    
directors ( any entity an individual    
:o-- 7aa7 is a director1 (fic]1         
employee1 or affiliate ( any entity     
describ$ 9 clause 7i77,i72  7bb7 at any 
"t dur+ ! #e-ye> p]iod prec$+ ! date on 
:i* t election occurs1 0 z describ$ 9   
item 7aa72 or  7cc7 a reasonable inve/or
 w\ld believe supports any proposal     
describ$ 9 subclause 7,i74  7,d7 ,9 ?is 
p>agraph-- 7i7 ! t]m cov]$ c\ntry       
means-- 7,i7 ! ,p's ,republic ( ,*9a1 ! 
,russian ,f$]ation1 ,nor? ,korea1 ,iran1
 ,syria1 ,sudan1 ,v5ezuela1 or ,cuba2   
7,,ii7 any c\ntry1 ! gov]nm5t ( :i* !   
,secret>y ( ,/ate det]m9es has repeat$ly
 provid$ support = acts ( int]national  
t]rorism pursuant to-- 7aa7 section     
#aged7;c77#a77;,a7 ( ! ,export ,control 
,re=m ,act ( #bjah 7#ej ,u4,s4,c4       
#dhac7;c77#a77;,a772  7bb7 section      
#fbj;,a ( ! ,=eign ,assi/ance ,act (    
#aifa 7#bb ,u4,s4,c4 #bcga72  7cc7      

section #dj ( ! ,arms ,export ,control  
,act 7#bb ,u4,s4,c4 #bghj72 or  7dd7 any
 o!r provision ( law2 or  7,,iii7 any   
o!r c\ntry t ! ,secret>y ( ,labor1 9    
consultation ) ! ,secret>y ( ,def5se1 ! 
,attorney ,g5]al1 ! ,secret>y ( ,homel& 
,security1 & ! ,secret>y ( ! ,treasury1 
designates z pos+ an undue or unnecess>y
 risk to ! national security ( ! ,unit$ 
,/ates2 &  7ii7 ! t]m cov]$ vote means a
 vote 9 favor ( 7or an ab/5tion )       
respect to7 a proposal to-- 7,i7 approve
 or ratify a transaction involv+ an     
entity1 includ+-- 7aa7 any sale (1 or   
o!r disposition ( 7:e!r 9 a s+le or a   
s]ies ( transactions7 assets or capital 
/ock2 &  7bb7 any m]g]1 consolidation1  
jo9t v5ture1 p>tn]%ip1 sp9-(f1 rev]se   
sp9-(f1 dissolution1 re/ructur+1        
recapitalization1 liquidation1 or any   
o!r bus9ess comb9ation or /rategic      
transaction2 or  7,,ii7 elect an        
individual to ! bo>d ( directors ( !    
entity t is ! subject ( ! proposal4  4  
7b7 ,review ( ex]cise ( vot+ rights2    

report to ,congress ,section #hdch (    
title #e1 ,unit$ ,/ates ,code1 is       
am5d$-- 7#a7 9 subsection 7f7-- 7,a7 by 
ins]t+ 7#a7 aft] 7f72 &  7,b7 by add+ at
 ! end ! foll[+3  7#b7 ,= ! purposes (  
p>agraph 7#a71 a review ( ! ex]cise (   
vot+ rights = compliance ) section      
#hdgg7;b77#a77;,d71 includ+ "u !        
regulations prescrib$ "u section        
#hdgg7;f77#b71 %all n be consid]$ to be 
! ex]cise ( vot+ rights associat$ ) !   
own]%ip ( securities by ! ,?rift ,sav+s 
,fund4  2 &  7#b7 by add+ at ! end !    
foll[+3  7i7 ,n lat] ?an #b ye>s aft] ! 
date ( enactm5t ( ?is subsection1 &     
annually !reaft]1 ! ,secret>y ( ,labor  
%all submit to ! ,committee on ,homel&  
,security & ,gov]nm5tal ,affairs ( !    
,s5ate & ! ,committee on ,ov]sight &    
,gov]nm5t ,re=m ( ! ,h\se (             
,repres5tatives a report reg>d+-- 7#a7 =
 ! ye> cov]$ by ! report1 ! inve/m5ts ( 
! ,?rift ,sav+s ,fund 7or portions      
!re(71 & ! ex]cise ( vot+ rights        
associat$ ) any su* inve/m5ts1 t h be5  

review$ = compliance ) section          
#hdgg7;b77#a77;,d72 &  7#b7 ! outcome ) 
respect to en=cem5t ( ea* review        
conduct$ "u p>agraph 7#a7 & a           
ju/ification = t outcome4  4  #e4       
,prohibition on inve/m5t ( ,?rift ,sav+s
 ,fund sums 9 entities bas$ 9 ! ,p's    
,republic ( ,*9a ?r\gh ! ,,tsp mutual   
fund w9d[ ,section #hdch7;b77#e7 ( title
 #e1 ,unit$ ,/ates ,code1 is am5d$ by   
add+ at ! end ! foll[+3  7,e7 ,a mutual 
fund accessible ?r\gh a mutual fund w9d[
 au?oriz$ "u ?is p>agraph may n include 
an inve/m5t 9 any security (-- 7i7 an   
entity bas$ 9 ! ,p's ,republic ( ,*9a2  
or  7ii7 any subsidi>y t is own$ or     
op]at$ by an entity describ$ 9 clause   
7i74  4