Thrift Savings Fund Improvement Act

Thrift Savings Fund Improvement Act - Requires the Federal Retirement Thrift Investment Board to: (1) study the operation of existing precious metal funds to determine the best practices of such funds, (2) establish the Precious Metals Investment Fund incorporating the best practices of existing funds, and (3) make such Fund available to individuals participating in the Thrift Savings Plan. Requires that contributions to such Fund be invested in physical gold, silver, or platinum bullion.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1201 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1201

To amend title 5, United States Code, to provide for the establishment 
   of a precious metals investment option in the Thrift Savings Fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2011

   Mr. Paul introduced the following bill; which was referred to the 
              Committee on Oversight and Government Reform

_______________________________________________________________________

                                 A BILL


 
To amend title 5, United States Code, to provide for the establishment 
   of a precious metals investment option in the Thrift Savings Fund.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Thrift Savings Fund Improvement 
Act''.

SEC. 2. PRECIOUS METALS INVESTMENT FUND.

    (a) Fund Defined.--Section 8438(a) of title 5, United States Code, 
is amended--
            (1) in paragraph (9), by striking ``and'' at the end;
            (2) in paragraph (10), by striking the period and inserting 
        ``; and''; and
            (3) by adding at the end the following:
            ``(11) the term `Precious Metals Investment Fund' means the 
        Precious Metals Investment Fund established under subsection 
        (b)(1)(F).''.
    (b) Establishment.--
            (1) In general.--Section 8438(b)(1) of title 5, United 
        States Code, is amended--
                    (A) in subparagraph (E), by striking ``and'' at the 
                end;
                    (B) in subparagraph (F), by striking the period and 
                inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(G) a Precious Metals Investment Fund as provided 
                in paragraph (6).''.
            (2) Fund requirements.--Section 8438(b) of title 5, United 
        States Code, is amended by adding at the end the following:
    ``(6)(A) The Board shall establish a Precious Metals Investment 
Fund.
    ``(B) Contributions to the Precious Metals Investment Fund shall be 
invested in physical gold, silver, or platinum bullion (rather than any 
mining company shares, certificates, derivatives, or futures options), 
and any bullion so acquired shall constitute the assets of the Precious 
Metals Investment Fund and shall be stored in a vault in a federally 
chartered or State chartered bank. Each share in the Precious Metals 
Investment Fund shall represent a direct investment in the precious 
metal itself.''.

SEC. 3. EFFECTIVE DATE; DEFINITIONS.

    (a) Effective Date.--The Federal Retirement Thrift Investment 
Board--
            (1) shall study the operation of existing precious metals 
        funds to determine the best practices of those funds; and
            (2) not later than 1 year after the date of the enactment 
        of this Act--
                    (A) shall establish the Precious Metals Investment 
                Fund, incorporating the best practices referred to in 
                paragraph (1) to such extent and in such manner as the 
                Board shall determine; and
                    (B) shall make the Precious Metals Investment Fund 
                available to individuals participating in the Thrift 
                Savings Plan.
    (b) Definitions.--For purposes of this section--
            (1) the term ``Precious Metals Investment Fund'' has the 
        meaning given such term by section 8438(a)(11) of title 5, 
        United States Code (as amended by section 2(a)); and
            (2) the term ``Thrift Savings Plan'' refers to the plan 
        described in subchapter III of chapter 84 of such title 5.
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