Bill > HR2067

This bill, known as the Protecting Americans' Retirement Savings Act (PARSA), amends the Employee Retirement Income Security Act to prohibit retirement plans from investing in or engaging with "covered entities," which are defined as foreign adversary entities or sanctioned entities. Specifically, the bill prevents retirement plan fiduciaries from acquiring interests in, lending money to, providing services for, or transferring assets or participant data to these entities. The bill provides some exceptions for existing investments and contractually obligated agreements, requiring plan fiduciaries to follow specific disclosure requirements. Plans must now provide detailed reporting about any investments in sanctioned or foreign adversary entities, including the total value of such investments, the specific entities involved, and the reasons for their inclusion on various government watchlists. The bill defines "foreign adversaries" broadly, including governmental bodies, armed forces, political parties, and businesses from certain countries, as well as entities under their control. The legislation also establishes multiple lists of sanctioned entities from various government agencies, such as the Department of Commerce, Treasury, and the Federal Communications Commission. The bill requires the Secretary to issue implementing regulations within 180 days, with full implementation to occur within one year of enactment.

Education

https://www.congress.gov/bill/119th-congress/house-bill/2067/all-info