S.Amdt. 1572

SA 1572. Mr. TUBERVILLE submitted an amendment intended to be
proposed to amendment SA 1502 proposed by Mr. Schumer to the bill S.
1260, to establish a new Directorate for Technology and Innovation in
the National Science Foundation, to establish a regional technology hub
program, to require a strategy and report on economic security,
science, research, innovation, manufacturing, and job creation, to
establish a critical supply chain resiliency program, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place in title III of division F,
insert the following:

SEC. 63__. INVESTMENTS HELD DIRECTLY OR INDIRECTLY BY PLANS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974.

(a) In General.--Section 404 of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1104) is amended by
adding at the end the following:
``(f) Prohibition on Investments in the People's Republic
of China and Threat Investments.--
``(1) In general.--No fiduciary may cause the assets of any
plan to be invested in, or to remain invested in, directly or
indirectly (such as through a registered investment company
or other investment vehicle)--
``(A) any publicly traded security, any equity interest, or
any instrument of indebtedness (such as a debenture); or
``(B) any securities, equity interest, or instrument of
indebtedness that is derivative of, or is designed to provide
investment exposure to, a security, equity interest, or
instrument of indebtedness described in subparagraph (A),
of any company or business operation based in the People's
Republic of China or in any threat investment.
``(2) Divestiture of assets.--Each plan fiduciary shall
divest of any securities or other investments prohibited
under paragraph (1) not later than 1 year after, as
applicable--
``(A) the date of enactment of this subsection; or
``(B) in the case of any threat investment that is listed
by the Secretary of Defense after the date of enactment of
this subsection, the date on which such threat investment is
listed.
``(3) Threat investments.--For purposes of this subsection,
the term `threat investment' means any company or business
operation identified and listed by the Secretary of Defense
as a company or business operation that directly threatens
the United States homeland or the Armed Forces of the United
States overseas. The Secretary of Defense shall publish a
list of any such companies annually and the Secretary of
Labor shall republish such list on the website of the
Department of Labor.''.
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