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Sen. Jim Banks [R-IN], U.S. Senate
June 16, 2025
"[T]he Protecting Americans' Retirement Savings Act [S 928] ... prohibits ERISA-covered retirement plans from investing in companies based in foreign adversary countries, including China, Russia, North Korea, and Iran.... ERISA plan fiduciaries [would be required to] report: [1] All assets invested in sanctioned entities, including their identities and reasons for sanctions. [2] The total value of investments in foreign adversary companies. [3] A detailed list of specific investments in these companies. [4] Justifications for retaining such investments in retirement plans."
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