Section 1 Short title
This Act may be cited as the “Terminating Securities from Putin Act of 2022” or the “TSP Act of 2022”.
Terminating Securities from Putin Act of 2022
A BILL
To amend title 5, United States Code, to prohibit sums in the Thrift Savings Fund from being invested in any security of an entity based in the Russian Federation, and for other purposes.
Sec. 2 Prohibition on any TSP Fund investing in entities based in the Russian Federation
In general— Section 8438 of title 5, United States Code, is amended by adding at the end the following:
“(i) Notwithstanding any other provision of this section, no fund established or overseen by the Board may include an investment in any security of an entity based in the Russian Federation.”
Divestiture of assets— Not later than 30 days after the date of enactment of this Act, the Federal Retirement Thrift Investment Board established under section 8472(a) of title 5, United States Code, shall—
review whether any sums in the Thrift Savings Fund are invested in violation of subsection (i) of section 8438 of that title, as added by subsection (a) of this section;
if any sums are invested in the manner described in paragraph (1), divest those sums in a manner that is consistent with the legal and fiduciary duties provided under chapter 84 of that title, or any other applicable provision of law; and
reinvest any sums divested under paragraph (2) in investments that do not violate subsection (i) of section 8438 of that title, as added by subsection (a) of this section.
Sec. 3 Prohibition on investment of TSP funds in entities based in the Russian Federation through the TSP mutual fund window
Section 8438(b)(5) of title 5, United States Code, is amended by adding at the end the following:
“(E) A mutual fund accessible through a mutual fund window authorized under this paragraph may not include an investment in any security of—
“(i) an entity based in the Russian Federation; or
“(ii) any subsidiary that is owned or operated by an entity described in clause (i).”