PARSA

Key Points

• This bill, called the Protecting Americans' Retirement Savings Act, would stop 401(k)s and other retirement plans from putting new money into companies owned or controlled by 'foreign adversaries.' This includes countries like China, Russia, North Korea, and Iran.
• It also bans retirement funds from investing in 'sanctioned entities.' These are specific companies the U.S. government has flagged for things like supporting foreign militaries, using forced labor, or threatening national security.
• If a retirement plan already has money in these companies, they do not have to sell it immediately. However, the managers must tell the government exactly how much they own, which companies they are invested in, and why they are keeping those investments.
• The bill also protects personal information by banning retirement plans from sharing any data about the people in the plan with these foreign companies or governments.
• The goal is to protect Americans' savings from being used to fund foreign militaries or industries that work against U.S. interests. It also aims to reduce the risk that these investments could lose value if international tensions rise.
• If passed, the government would have six months to write the specific rules, and the ban would fully take effect within one year.

Votes

No votes have been recorded for this legislation yet.