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119-s-928119th CongressWALLET

PARSA

Sponsored By: Senator Banks, Jim [R-IN]

Introduced

Summary

Ban on new plan investments in foreign adversary and sanctioned entities. This bill would prohibit fiduciaries of employee retirement plans covered by ERISA from making new investments, loans, transfers, or data sharing with those entities and would add disclosure rules plus narrow exceptions for existing holdings and contracts.

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  • Workers and families would get clearer information about risky holdings. Plans must disclose identities of any sanctioned or foreign adversary entity investments, aggregate values, reasons for listing, and the fiduciary's rationale.
  • Plan fiduciaries would face a new duty to avoid transactions that involve covered entities they know or should know about, and they must follow specified safe-harbor steps to keep preexisting investments or contracts.
  • Preexisting investments and binding contracts can continue only under limited conditions tied to disclosure and governance. The bill requires implementing regulations within 180 days and that rules take effect no later than one year after enactment.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

New limits on retirement plan deals

This bill would make it a breach of fiduciary duty for retirement plan managers to let plans buy from, lend to, or provide services to certain "covered" foreign or sanctioned entities. It would also bar sending plan money or participant data to those covered entities. The bill would define which countries and lists count as "foreign adversaries" or "sanctioned entities" and expand who is a fiduciary when they control participant data.

Required disclosures for plan holdings

This bill would require retirement plans to report holdings in sanctioned and foreign adversary entities. If a plan already holds such investments, it could keep them only if the manager files specific disclosures. Managers would report total values, list each entity and which federal list names it, and explain why they kept the investment. For old contracts, managers would describe the assets and the agreement end or termination dates.

Sponsors & CoSponsors

Sponsor

Banks, Jim [R-IN]

IN • R

Cosponsors

  • Sen. Moreno, Bernie [R-OH]

    OH • R

    Sponsored 3/14/2025

Roll Call Votes

No roll call votes available for this bill.

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