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People & committees
Rep. Moolenaar, John R. [R-MI-2] · R–MI
Legislative record
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Referred to the House Committee on Education and Workforce.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Mar 6, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-03-11 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The proposed Protecting Americans’ Retirement Savings Act would restrict retirement plans governed by the amended federal retirement law from investing in or conducting specified transactions with entities tied to foreign adversaries or appearing on designated federal lists. It would also restrict transfers of plan assets and participant data to those entities. Plans could retain existing investments or fulfill certain earlier contracts if they met disclosure requirements. The bill would require reporting about these holdings and agreements.
This Act may be cited as the Protecting Americans’ Retirement Savings Act or PARSA.
Section 404(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(a)) is amended by adding at the end the following:
It shall be a violation of paragraph (1) for a fiduciary of a plan to fail to ensure that the plan does not engage in a transaction that the fiduciary knows, or should know, will result in the plan— (i) acquiring an interest (as defined in section 103(h)) between the plan and a covered entity; (ii) lending money or extending credit to a covered entity; (iii) furnishing goods, services, or facilities to a covered entity; and (iv) transferring, directly or indirectly, to or for use by or for the benefit of a covered entity— (I) any assets of the plan; or (II) any data with respect to any participant or beneficiary of the plan.
such plan may, notwithstanding subparagraph (A), continue to hold such investment without violating paragraph (1) if the fiduciary of such plan complies with the requirements of subparagraphs (I) and (J) of section 103(b)(3).
if the fiduciary of such plan complies with the requirements of subparagraphs (I), (J), and (K) of section 103(b)(3), such plan may, notwithstanding subparagraph (A), fulfill the terms of such agreement without violating paragraph (1) until such agreement— (i) expires; or (ii) allows for termination.
Section 2 would make it a violation of an existing retirement-law duty for a plan fiduciary—a person entrusted with responsibility for the plan—to fail to prevent specified transactions when that person knows or should know their result. Covered transactions include acquiring investment interests, lending or extending credit, providing goods, services or facilities, and transferring plan assets or participant or beneficiary data for a covered entity’s use or benefit.
It shall be a violation of paragraph (1) for a fiduciary of a plan to fail to ensure that the plan does not engage in a transaction that the fiduciary knows, or should know, will result in the plan— (i) acquiring an interest (as defined in section 103(h)) between the plan and a covered entity; (ii) lending money or extending credit to a covered entity; (iii) furnishing goods, services, or facilities to a covered entity; and (iv) transferring, directly or indirectly, to or for use by or for the benefit of a covered entity— (I) any assets of the plan; or (II) any data with respect to any participant or beneficiary of the plan.
Covered entities would include both foreign adversary entities and entities on the bill’s designated federal lists. For the data-transfer restriction, fiduciary responsibility would also extend to anyone exercising direct or indirect discretionary authority, responsibility or control over participant or beneficiary data.
(i) Covered entity For purposes of this paragraph, the term covered entity means a foreign adversary entity or sanctioned entity, as such terms are defined in section 103(h). (ii) Fiduciary For purposes of subparagraph (A)(iv)(II), the term fiduciary includes any person who exercises direct or indirect discretionary authority, responsibility, or control with respect to any participant beneficiary data.
Plans holding covered investments on the enactment date could keep them if their fiduciaries complied with the new disclosures for sanctioned-entity and foreign-adversary holdings. This exception specifies no fixed deadline for selling those investments.
(C) Continuation of current investments In the case of a plan holding an investment in a covered entity on the date of enactment of the Protecting Americans’ Retirement Savings Act, such plan may, notwithstanding subparagraph (A), continue to hold such investment without violating paragraph (1) if the fiduciary of such plan complies with the requirements of subparagraphs (I) and (J) of section 103(b)(3).
Plans bound by agreements entered into before enactment could fulfill otherwise restricted transactions if their fiduciaries complied with the investment and agreement disclosures. That permission would last only until the agreement expired or allowed termination.
(D) Contractually obligated investments In the case of a plan that has entered into a binding agreement prior to the date of enactment of the Protecting Americans’ Retirement Savings Act obligating such plan to engage in a transaction described in subparagraph (A), if the fiduciary of such plan complies with the requirements of subparagraphs (I), (J), and (K) of section 103(b)(3), such plan may, notwithstanding subparagraph (A), fulfill the terms of such agreement without violating paragraph (1) until such agreement— (i) expires; or (ii) allows for termination.
Section 3 would require a statement of all plan assets consisting wholly or partly of interests in sanctioned entities. It would require their aggregate value, each entity’s identity, the relevant federal lists, and the reasons an entity may be placed on those lists. The list cross-reference contains a numbering inconsistency described in the limitations.
(I) a statement of all assets in the plan that consist, in whole or in part, of an interest in a sanctioned entity, including— (i) the aggregate value of such assets in the plan; (ii) the identity of each sanctioned entity in which such plan holds an interest; and (iii) information identifying each list under subsection (h)(5) on which such sanctioned entity is listed, and the reasons for which an entity may be placed on such list.
For foreign-adversary holdings, plans would have to report the aggregate asset value and the specific interest and its value in each entity. They would also identify any investment vehicle used to hold the interest, the responsible fiduciary, and the factors the fiduciary considered in keeping the investment.
(J) a statement of all assets in the plan that consist, in whole or in part, of an interest in a foreign adversary entity, including— (i) the aggregate value of such assets in the plan; (ii) the specific interest, and value thereof, that such plan holds in each such foreign adversary entity; (iii) the name of any investment vehicle through which the plan holds such interest; (iv) the name of the fiduciary responsible for such investment; and (v) a brief statement of factors considered by the fiduciary in maintaining such investment.
Plans using the exception for earlier binding agreements would have to describe each ongoing agreement, its assets, its expiration date, and when the commitment could be terminated. The Secretary could require other information considered appropriate.
(K) a description of any ongoing agreement subject to section 404(a)(3)(D), including— (i) the assets involved in such agreement; (ii) the date on which such agreement expires; (iii) the date on which such commitment may be terminated; and (iv) such other information as the Secretary may deem appropriate.
The bill would define foreign adversaries by referring to an existing statutory definition of covered nations, as it stood at enactment, and would include their Special Administrative Regions. Covered entities would include their government bodies, armed forces, leading political parties, persons organized or principally based there, and persons directed or controlled by those entities. The definition of control would come from a cited Treasury regulation as it stood at enactment.
(1) Control The term control has the meaning given in section 800.208 of title 31, Code of Federal Regulations (as in effect on the date of enactment of the Protecting Americans’ Retirement Savings Act).
(3) Foreign adversary The term foreign adversary— (A) has the meaning given the term covered nation in section 4872(d) of title 10, United States Code (as in effect on the date of enactment of this Act); and (B) includes any Special Administrative Region of any such covered nation. (4) Foreign adversary entity The term foreign adversary entity means— (A) any official governmental body at any level in a foreign adversary; (B) the Armed Forces of a foreign adversary; (C) the leading political party of a foreign adversary; (D) a person organized under the laws of, headquartered in, or with its principal place of business in a foreign adversary; or (E) a person subject to the direction or control of an entity listed in subparagraphs (A) through (D).
An investment interest would include direct holdings and indirect holdings through any chain of ownership. It would also include derivatives and other contracts linked to a covered entity, including contracts designed to reproduce the financial return of that entity or an investment in it.
(5) Interest The term interest includes any interest— (A) held directly or indirectly through any chain of ownership; or (B) held as a derivative financial instrument or other contractual arrangement with respect to a sanctioned entity or foreign adversary entity, including any financial instrument or other contract which seeks to replicate any financial return with respect to such an entity or an interest in such an entity.
The bill’s definition of sanctioned entity would include entities on the Treasury Department’s Non-SDN Chinese Military-Industrial Complex Companies List and the Defense Department’s statutory list of Chinese military companies. This is a definition based on list membership.
(6) Sanctioned entity The term sanctioned entity means an entity listed on any of the following lists: (A) The Non-SDN Chinese Military-Industrial Complex Companies List (NS–CMIC List) maintained by the Office of Foreign Assets Control of the Department of the Treasury under Executive Order 14032 (86 Fed. Reg. 30145; relating to Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China), or any successor order. (B) The list of Chinese military companies identified by the Secretary of Defense pursuant to section 1260H of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (Public Law 116–283; 10 U.S.C. 113 note).
The sanctioned-entity definition would also cover entities on four Commerce Department export-control lists: the Entity List, Denied Persons List, Unverified List, and Military End User List. The bill defines the referenced Export Administration Regulations to include successor regulations.
(2) Export Administration Regulations The term Export Administration Regulations means the regulations set forth in subchapter C of chapter VII of title 15, Code of Federal Regulations, or successor regulations.
(6) Sanctioned entity The term sanctioned entity means an entity listed on any of the following lists:
(C) The Entity List maintained by the Department of Commerce and set forth in Supplement No. 4 to part 744 of the Export Administration Regulations. (D) The Denied Persons List maintained by the Department of Commerce and described in section 764.3(a)(2) of the Export Administration Regulations. (E) The Unverified List set forth in Supplement No. 6 to part 744 of the Export Administration Regulations. (F) The Military End User List set forth in Supplement No. 7 to part 744 of the Export Administration Regulations.
The definition would additionally cover companies associated with equipment or services on the Federal Communications Commission’s Covered List, entities on the Uyghur Forced Labor Prevention Act Entity List, and entities on the specified Customs and Border Protection Withhold Release Orders and Findings List.
(6) Sanctioned entity The term sanctioned entity means an entity listed on any of the following lists:
(G) The list of companies whose equipment or services are maintained by the Federal Communications Commission under section 2(a) of the Secure and Trusted Communications Networks Act of 2019 (47 U.S.C. 1601(a)), commonly referred to as the FCC Covered list. (H) The Uyghur Forced Labor Prevention Act Entity List maintained pursuant to section 2(d)(2)(B) of the Act entitled ‘An Act to ensure that goods made with forced labor in the Xinjiang Uyghur Autonomous Region of the People's Republic of China do not enter the United States market, and for other purposes’, approved December 23, 2021 (Public Law 117–78). (I) The Withhold Release Orders and Findings List maintained by the Commissioner of U.S. Customs and Border Protection pursuant to the Act entitled ‘An Act to ensure that goods made with forced labor in the Xinjiang Uyghur Autonomous Region of the People's Republic of China do not enter the United States market, and for other purposes’, approved December 23, 2021 (Public Law 117–78).
The Secretary would have to issue implementing regulations within 180 days after enactment. Those regulations would have to take effect no later than one year after enactment; these are relative deadlines, not fixed calendar dates.
(c) Effective date (1) Regulations required Not more than 180 days after the enactment of this Act, the Secretary shall issue regulations implementing this Act. (2) Effective date of regulations The regulations issued under paragraph (1) shall take effect not later than 1 year after the date of enactment of this Act.
The supplied official-actions snapshot, updated March 6, 2026, records introduction in the House and referral to the House Committee on Education and Workforce on March 11, 2025. This snapshot does not establish the bill’s subsequent status.
Source snapshot updated 2026-03-06T20:43:46Z. 2025-03-11: Referred to the House Committee on Education and Workforce. 2025-03-11: Introduced in House 2025-03-11: Introduced in House
A closer look
Reviewed version: Introduced in House · 2025-03-11. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No provision unrelated to the bill’s main subject was identified in the complete supplied introduced text. This conclusion does not establish the absence of riders in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish the contents of other versions or accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Findings to examine
The supplied introduced text contains conditional exceptions for preexisting investments and contractual commitments. These exceptions narrow the main restriction; identifying them is not a judgment about their justification.
Plans already holding investments in covered entities at enactment would receive permission to retain those investments, subject to the new investment disclosures. This exception benefits plans with existing holdings by exempting retention from the new restriction, without a specified sale deadline.
(C) Continuation of current investments In the case of a plan holding an investment in a covered entity on the date of enactment of the Protecting Americans’ Retirement Savings Act, such plan may, notwithstanding subparagraph (A), continue to hold such investment without violating paragraph (1) if the fiduciary of such plan complies with the requirements of subparagraphs (I) and (J) of section 103(b)(3).
Plans with binding agreements entered into before enactment would receive a conditional exception allowing otherwise restricted transactions required by those agreements. They would have to meet the investment and agreement disclosures, and the exception would end when the agreement expired or permitted termination.
(D) Contractually obligated investments In the case of a plan that has entered into a binding agreement prior to the date of enactment of the Protecting Americans’ Retirement Savings Act obligating such plan to engage in a transaction described in subparagraph (A), if the fiduciary of such plan complies with the requirements of subparagraphs (I), (J), and (K) of section 103(b)(3), such plan may, notwithstanding subparagraph (A), fulfill the terms of such agreement without violating paragraph (1) until such agreement— (i) expires; or (ii) allows for termination.
Full text preserved for this analysis. Legislative record snapshot: Mar 6, 2026. How PlainBill uses AI