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Stop TSP ESG Act
12/15/2023, 3:58 PM
Summary of Bill HR 3406
Bill 118 hr 3406, also known as the Stop TSP ESG Act, is a piece of legislation currently being considered by the US Congress. The bill aims to prevent the Thrift Savings Plan (TSP) from investing in companies that have ties to China or are involved in human rights abuses.
The TSP is a retirement savings plan for federal employees, and currently has investments in companies that have been criticized for their connections to China's government or for their involvement in human rights violations. The Stop TSP ESG Act seeks to address these concerns by prohibiting the TSP from investing in these types of companies.
The bill has garnered support from both Democrats and Republicans, who argue that it is important for the TSP to uphold ethical standards in its investment decisions. Proponents of the bill believe that by preventing the TSP from investing in companies with questionable practices, the plan can better serve federal employees and align with American values. Opponents of the bill, however, argue that it could limit the TSP's ability to generate returns for its participants, as some of the companies in question may be profitable investments. They also raise concerns about the potential impact on US-China relations and the broader economy. Overall, the Stop TSP ESG Act is a contentious piece of legislation that raises important questions about the intersection of ethics and finance in government retirement savings plans. Its fate in Congress remains uncertain as lawmakers continue to debate its potential implications.
The TSP is a retirement savings plan for federal employees, and currently has investments in companies that have been criticized for their connections to China's government or for their involvement in human rights violations. The Stop TSP ESG Act seeks to address these concerns by prohibiting the TSP from investing in these types of companies.
The bill has garnered support from both Democrats and Republicans, who argue that it is important for the TSP to uphold ethical standards in its investment decisions. Proponents of the bill believe that by preventing the TSP from investing in companies with questionable practices, the plan can better serve federal employees and align with American values. Opponents of the bill, however, argue that it could limit the TSP's ability to generate returns for its participants, as some of the companies in question may be profitable investments. They also raise concerns about the potential impact on US-China relations and the broader economy. Overall, the Stop TSP ESG Act is a contentious piece of legislation that raises important questions about the intersection of ethics and finance in government retirement savings plans. Its fate in Congress remains uncertain as lawmakers continue to debate its potential implications.
Congressional Summary of HR 3406
Stop TSP ESG Act
This bill prohibits a qualified professional asset manager from exercising voting rights associated with the ownership of securities by the Thrift Savings Fund. Under current law, the term qualified professional asset manager includes certain banks, savings and loan associations, insurance companies, and investment advisers.
Current Status of Bill HR 3406
Bill HR 3406 is currently in the status of Bill Introduced since May 17, 2023. Bill HR 3406 was introduced during Congress 118 and was introduced to the House on May 17, 2023. Bill HR 3406's most recent activity was Referred to the House Committee on Oversight and Accountability. as of May 17, 2023
Bipartisan Support of Bill HR 3406
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3406
Primary Policy Focus
Government Operations and PoliticsComments
Sponsors and Cosponsors of HR 3406
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