TSP Act

Taxpayers and Savers Protection Act or the TSP Act

This bill prohibits any sums in the Thrift Savings Fund from being invested in a security that is listed on an exchange in a jurisdiction in which the Public Company Accounting Oversight Board (1) has never conducted the mandatory inspection or investigation of a registered public accounting firm, and (2) is prevented from conducting such inspection or investigation because of a position taken by an authority in that jurisdiction.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5018 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 5018

   To amend title 5, United States Code, to provide that sums in the 
 Thrift Savings Fund may not be invested in securities that are listed 
         on certain foreign exchanges, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 8, 2019

 Mr. Meadows (for himself, Mr. Banks, Mr. Chabot, Mr. DesJarlais, Mr. 
Curtis, Mr. Rouzer, Mr. Walker, Mr. Gallagher, Mr. McCaul, Mr. Abraham, 
and Mr. Gibbs) introduced the following bill; which was referred to the 
                   Committee on Oversight and Reform

_______________________________________________________________________

                                 A BILL


 
   To amend title 5, United States Code, to provide that sums in the 
 Thrift Savings Fund may not be invested in securities that are listed 
         on certain foreign exchanges, and for other purposes.

    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 ``Taxpayers and Savers Protection 
Act'' or the ``TSP Act''.

SEC. 2. INVESTMENT OF THRIFT SAVINGS FUND.

    Section 8438 of title 5, United States Code, is amended by adding 
at the end the following:
    ``(i)(1) In this subsection--
            ``(A) the term `PCAOB' means the Public Company Accounting 
        Oversight Board; and
            ``(B) the term `registered public accounting firm' has the 
        meaning given the term in section 2(a) of the Sarbanes-Oxley 
        Act of 2002 (15 U.S.C. 7201(a)).
    ``(2) Notwithstanding any other provision of this section, no sums 
in the Thrift Savings Fund may be invested in any security that is 
listed on an exchange in a jurisdiction in which the PCAOB--
            ``(A) has never conducted an inspection or investigation of 
        a registered public accounting firm under section 104 of the 
        Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214); and
            ``(B) is prevented from conducting a complete inspection or 
        investigation described in subparagraph (A) because of a 
        position taken by an authority in that jurisdiction, as 
        determined by the PCAOB.
    ``(3) The Board shall consult with the Securities and Exchange 
Commission on a biennial basis in order to ensure compliance with 
paragraph (2).''.
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