,,ii #aaith ,,congress #ast ,session ,s4 #ibh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #aa 7legislative day1 ,march #aj71 #bjbe,mr4 ,banks introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to amend the ,employment ,retirement ,income ,security ,act of #aigd to prohibit plan investments in foreign adversary and sanctioned entities1 require disclosure of existing investments in such entities1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,protecting ,americans' ,retirement ,savings ,act or ,,parsa4 #b4 ,prohibition on investment in certain entities ,section #djd7;a7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #aajd7;a77 is amended by adding at the end the following3 7#c7 ,prohibition on investment in certain entities 7,a7 ,in general ,it shall be a violation of paragraph 7#a7 for a fiduciary of a plan to fail to ensure that the plan does not engage in a transaction that the fiduciary knows1 or should know1 will result in the plan-- 7i7 acquiring an interest 7as defined in section #ajc7;h77 between the plan and a covered entity2 7ii7 lending money or extending credit to a covered entity2 7iii7 furnishing goods1 services1 or facilities to a covered entity2 and 7iv7 transferring1 directly or indirectly1 to or for use by or for the benefit of a covered entity-- 7,i7 any assets of the plan2 or 7,,ii7 any data with respect to any participant or beneficiary of the plan4 7,b7 ,definitions 7i7 ,covered entity ,for purposes of this paragraph1 the term covered entity means a foreign adversary entity or sanctioned entity1 as such terms are defined in section #ajc7;h74 7ii7 ,fiduciary ,for purposes of subparagraph 7,a77iv77,,ii71 the term fiduciary includes any person who exercises direct or indirect discretionary authority1 responsibility1 or control with respect to any participant beneficiary data4 7,c7 ,continuation of current investments ,in the case of a plan holding an investment in a covered entity on the date of enactment of the ,protecting ,americans' ,retirement ,savings ,act1 such plan may1 notwithstanding subparagraph 7,a71 continue to hold such investment without violating paragraph 7#a7 if the fiduciary of such plan complies with the requirements of subparagraphs 7,i7 and 7,j7 of section #ajc7;b77#c74 7,d7 ,contractually obligated investments ,in the case of a plan that has entered into a binding agreement prior to the date of enactment of the ,protecting ,americans' ,retirement ,savings ,act obligating such plan to engage in a transaction described in subparagraph 7,a71 if the fiduciary of such plan complies with the requirements of subparagraphs 7,i71 7,j71 and 7,k7 of section #ajc7;b77#c71 such plan may1 notwithstanding subparagraph 7,a71 fulfill the terms of such agreement without violating paragraph 7#a7 until such agreement-- 7i7 expires2 or 7ii7 allows for termination4 4 #c4 ,additional disclosures for employee retirement funds 7a7 ,in general ,section #ajc7;b77#c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajbc7;b77#c77 is amended-- 7#a7 in subparagraph 7,h77iv71 by striking the period at the end and inserting 2 and2 and 7#b7 by inserting at the end the following3 7,i7 a statement of all assets in the plan that consist1 in whole or in part1 of an interest in a sanctioned entity1 including-- 7i7 the aggregate value of such assets in the plan2 7ii7 the identity of each sanctioned entity in which such plan holds an interest2 and 7iii7 information identifying each list under subsection 7h77#e7 on which such sanctioned entity is listed1 and the reasons for which an entity may be placed on such list4 7,j7 a statement of all assets in the plan that consist1 in whole or in part1 of an interest in a foreign adversary entity1 including-- 7i7 the aggregate value of such assets in the plan2 7ii7 the specific interest1 and value thereof1 that such plan holds in each such foreign adversary entity2 7iii7 the name of any investment vehicle through which the plan holds such interest2 7iv7 the name of the fiduciary responsible for such investment2 and 7v7 a brief statement of factors considered by the fiduciary in maintaining such investment4 7,k7 a description of any ongoing agreement subject to section #djd7;a77#c77;,d71 including-- 7i7 the assets involved in such agreement2 7ii7 the date on which such agreement expires2 7iii7 the date on which such commitment may be terminated2 and 7iv7 such other information as the ,secretary may deem appropriate4 4 7b7 ,definitions ,section #ajc of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajbc7 is further amended by adding at the end the following3 7h7 ,definitions ,in this section3 7#a7 ,control ,the term control has the meaning given in section #hjj4bjh of title #ca1 ,code of ,federal ,regulations 7as in effect on the date of enactment of the ,protecting ,americans' ,retirement ,savings ,act74 7#b7 ,export ,administration ,regulations ,the term ,export ,administration ,regulations means the regulations set forth in subchapter ,c of chapter ,,vii of title #ae1 ,code of ,federal ,regulations1 or successor regulations4 7#c7 ,foreign adversary ,the term foreign adversary -- 7,a7 has the meaning given the term covered nation in section #dhgb7;d7 of title #aj1 ,united ,states ,code 7as in effect on the date of enactment of this ,act72 and 7,b7 includes any ,special ,administrative ,region of any such covered nation4 7#d7 ,foreign adversary entity ,the term foreign adversary entity means-- 7,a7 any official governmental body at any level in a foreign adversary2 7,b7 the armed forces of a foreign adversary2 7,c7 the leading political party of a foreign adversary2 7,d7 a person organized under the laws of1 headquartered in1 or with its principal place of business in a foreign adversary2 or 7,e7 a person subject to the direction or control of an entity listed in subparagraphs 7,a7 through 7,d74 7#e7 ,interest ,the term interest includes any interest-- 7,a7 held directly or indirectly through any chain of ownership2 or 7,b7 held as a derivative financial instrument or other contractual arrangement with respect to a sanctioned entity or foreign adversary entity1 including any financial instrument or other contract which seeks to replicate any financial return with respect to such an entity or an interest in such an entity4 7#f7 ,sanctioned entity ,the term sanctioned entity means an entity listed on any of the following lists3 7,a7 ,the ,non-,,sdn ,chinese ,military-,industrial ,complex ,companies ,list 7,,ns-,,cmic ,list7 maintained by the ,office of ,foreign ,assets ,control of the ,department of the ,treasury under ,executive ,order #adjcb 7#hf ,fed4 ,reg4 #cjade2 relating to ,addressing the ,threat ,from ,securities ,investments ,that ,finance ,certain ,companies of the ,people's ,republic of ,china71 or any successor order4 7,b7 ,the list of ,chinese military companies identified by the ,secretary of ,defense pursuant to section #abfj;,h of the ,william ,m4 7,mac7 ,thornberry ,national ,defense ,authorization ,act for ,fiscal ,year #bjba 7,public ,law #aaf-bhc2 #aj ,u4,s4,c4 #aac note74 7,c7 ,the ,entity ,list maintained by the ,department of ,commerce and set forth in ,supplement ,no4 #d to part #gdd of the ,export ,administration ,regulations4 7,d7 ,the ,denied ,persons ,list maintained by the ,department of ,commerce and described in section #gfd4c7;a77#b7 of the ,export ,administration ,regulations4 7,e7 ,the ,unverified ,list set forth in ,supplement ,no4 #f to part #gdd of the ,export ,administration ,regulations4 7,f7 ,the ,military ,end ,user ,list set forth in ,supplement ,no4 #g to part #gdd of the ,export ,administration ,regulations4 7,g7 ,the list of companies whose equipment or services are maintained by the ,federal ,communications ,commission under section #b7;a7 of the ,secure and ,trusted ,communications ,networks ,act of #bjai 7#dg ,u4,s4,c4 #afja7;a771 commonly referred to as the ,,fcc ,covered list4 7,h7 ,the ,uyghur ,forced ,labor ,prevention ,act ,entity ,list maintained pursuant to section #b7;d77#b77;,b7 of the ,act entitled #8,an ,act to ensure that goods made with forced labor in the ,xinjiang ,uyghur ,autonomous ,region of the ,people's ,republic of ,china do not enter the ,united ,states market1 and for other purposes'1 approved ,december #bc1 #bjba 7,public ,law #aag-gh74 7,i7 ,the ,withhold ,release ,orders and ,findings ,list maintained by the ,commissioner of ,u4,s4 ,customs and ,border ,protection pursuant to the ,act entitled #8,an ,act to ensure that goods made with forced labor in the ,xinjiang ,uyghur ,autonomous ,region of the ,people's ,republic of ,china do not enter the ,united ,states market1 and for other purposes'1 approved ,december #bc1 #bjba 7,public ,law #aag-gh74 4 7c7 ,effective date 7#a7 ,regulations required ,not more than #ahj days after the enactment of this ,act1 the ,secretary shall issue regulations implementing this ,act4 7#b7 ,effective date of regulations ,the regulations issued under paragraph 7#a7 shall take effect not later than #a year after the date of enactment of this ,act4