Sen. Jim Banks Introduces Bill to Ban Pension Investments in Adversarial CountriesTuesday, March 11, 2025

WASHINGTON, D.C.– Today, Senator Jim Banks (R-Ind.) introduced theProtecting Americans’ Retirement Savings Act.The bill prohibits ERISA-covered retirement plans from investing in companies based in foreign adversary countries, including China, Russia, North Korea, and Iran. It aligns with President Trump’s “America First Investment Policy” executive order, which restores the highest standards to reduce pension investments foreign adversary companies. Rep. John Moolenaar (MI-02) is leading the companion bill in the House.
Senator Jim Banks (R-Ind.)“Many Americans’ retirement plans wrongly fund the militaries of our adversaries or foreign companies that aid in human rights abuses. My bill would prevent these misguided investments and guarantee that Wall Street execs aren’t bankrolling our adversaries with the retirement funds of hardworking Americans.”
Rep. John Moolenaar (MI-02):“Today, alongside my colleague Senator Banks, I’m proud to introduce legislation that will protect American retirement savings from being invested in companies tied to China. I’ve seen firsthand the risks posed by Chinese entities infiltrating our financial systems. This bill is part of our ongoing efforts, in alignment with the Trump Administration’s policies, to protect U.S. economic and national security from foreign adversaries.”
Key provisions of theProtecting Americans’ Retirement Savings Act are:
Full bill text can be foundhere.
Background:
In 2023, then-Rep. Banks introduced theProtecting Americans’ Retirement Savings Actin the House of Representatives.
Retirement Accounts Covered by ERISA:
Read more on theProtecting Americans’ Retirement Savings Acthere.