Text of Senate Amendment 6166

On 2026-06-24, Senator Elizabeth Warren (D-MA) delivered a floor speech titled "Text Of Senate Amendment 6166" in the Senate.

Text of Senate Amendment 6166

Congressional Record, Volume 172 Issue 106 (Wednesday, June 24, 2026) [Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)] [Senate] [Page S3356] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 6166. Ms. WARREN submitted an amendment intended to be proposed by her to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows: After section 1051, insert the following: SEC. 1051A. PROHIBITION ON EQUITY INVESTMENTS FOR ENTITIES IN WHICH CERTAIN SENIOR GOVERNMENT OFFICIALS HOLD A SIGNIFICANT INTEREST. Subsection (h) of section 149 of title 10, United States Code, as amended by section 1051, is further amended-- (1) by redesignating paragraph (9) as paragraph (10); and (2) by inserting after paragraph (8) the following new paragraph (9): ``(9) Prohibition on equity investments for certain entities.-- ``(A) In general.--Notwithstanding any other provision of this section or any other provision of law, a covered entity is not eligible for an equity investment under this subsection. ``(B) Definitions.--In this paragraph: ``(i) Covered entity.--The term `covered entity' means an entity in which a covered individual directly or indirectly holds a significant interest. For the purpose of determining whether an entity is a covered entity, if securities of the entity are owned, controlled, or held by 2 or more individuals who are related as described in clause (ii), such securities shall be aggregated. ``(ii) Covered individual.--The term `covered individual' means-- ``(I) the President, the Vice President, or any other individual designated by the President as having Cabinet- level status; ``(II) the spouse, child, son-in-law, or daughter-in-law of an individual described in subclause (I); or ``(III) any officer or employee of the executive branch, including a special Government employee (as defined in section 202 of title 18), who participates in the consideration, negotiation, approval, or administration of equity investments under this subsection. ``(iii) Equity interest.--The term `equity interest' means-- ``(I) a share in an entity (including a partnership), without regard to whether the share is-- ``(aa) transferable; or ``(bb) classified as stock or anything similar; ``(II) a capital or profit interest in a limited liability company or partnership; ``(III) a capital or profit interest in a venture capital fund, private equity fund, fund of funds, or other pooled investment fund; or ``(IV) a warrant or right (other than a right to convert) to purchase, sell, or subscribe to a share or interest described in subclause (I), (II), or (III). ``(iv) De minimis interest.--The term `de minimis interest' means an equity interest in an entity that-- ``(I) does not exceed $15,000; ``(II) is purchased and owned only through an open-end company that is a diversified company (as those terms are defined in section 5 of the Investment Company Act of 1940 (15 U.S.C. 80a-5)) and that-- ``(aa) is registered with the Securities and Exchange Commission; and ``(bb) does not concentrate its holdings in any sector or through any other investment vehicle that is exempt from section 208 of title 18 as of the date of the enactment of the National Defense Authorization Act for Fiscal Year 2027; or ``(III) is purchased and owned as part of a widely diversified employee benefit plan or a pension established and maintained by a Federal, State, or local government. ``(v) Significant interest.--The term `significant interest', with respect to an entity, means owning, controlling, or holding any equity interest, other than a de minimis interest, in the entity.''. ______