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Stop TSP ESG Act

3/12/2024, 3:54 PM

Summary of Bill S 1891

Bill 118 s 1891, also known as the Stop TSP ESG Act, is a piece of legislation currently being considered by the US Congress. The bill aims to prohibit the Thrift Savings Plan (TSP) from investing in companies that engage in certain activities deemed to be against US national security interests.

Specifically, the bill targets companies that have significant business operations in China, Russia, or other countries that are considered to be strategic competitors of the United States. These activities include providing support to the Chinese military, violating US sanctions, or engaging in human rights abuses.

The Stop TSP ESG Act seeks to ensure that federal employees' retirement savings are not being used to support companies that are working against US interests. The bill has garnered bipartisan support in Congress, with lawmakers from both parties expressing concerns about the potential risks associated with TSP investments in companies with ties to adversarial nations. If passed, the Stop TSP ESG Act would require the Federal Retirement Thrift Investment Board to divest from any companies that fall under the criteria outlined in the bill. This would help to safeguard federal employees' retirement savings and prevent them from inadvertently supporting companies that pose a threat to US national security. Overall, the Stop TSP ESG Act is a significant piece of legislation that aims to protect federal employees' retirement savings and ensure that TSP investments align with US national security interests. It will be interesting to see how the bill progresses through Congress and whether it ultimately becomes law.

Congressional Summary of S 1891

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 S 1891

Bill S 1891 is currently in the status of Bill Introduced since June 8, 2023. Bill S 1891 was introduced during Congress 118 and was introduced to the Senate on June 8, 2023.  Bill S 1891's most recent activity was Read twice and referred to the Committee on Homeland Security and Governmental Affairs. as of June 8, 2023

Bipartisan Support of Bill S 1891

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
0
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1891

Primary Policy Focus

Government Operations and Politics

Alternate Title(s) of Bill S 1891

Stop TSP ESG Act
Stop TSP ESG Act
A bill to amend title 5, United States Code, to prohibit qualified professional asset managers from exercising voting rights associated with the ownership of securities by the Thrift Savings Fund.

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