; or (ii) a higher degree of risk than alternative investments with commensurate rates of return; and (2) by divesting assets or avoiding the investment of assets as described in paragraph (1), the fiduciary is not breaching the responsibilities, obligations, or duties imposed upon the fiduciary by subparagraph (A) or (B) of section 404(a)(1) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(a)(1) ). 204. Rule of construction Nothing in this Act or any other provision of law authorizing sanctions with respect to North Korea shall be construed to affect or displace— (1) the authority of a State or local government to issue and enforce rules governing the safety, soundness, and solvency of a financial institution subject to its jurisdiction; or (2) the regulation and taxation by the several States of the business of insurance, pursuant to the Act of March 9, 1945 (59 Stat. 34, chapter 20; 15 U.S.C. 1011 et seq.) (commonly known as the McCarran-Ferguson Act ). III General authorities 301. Rulemaking The President may prescribe such rules and regulations as may be necessary to carry out this Act. 302. Authority to consolidate reports (a) In general Any and all reports required to be submitted to the appropriate congressional committees under this Act that are subject to a deadline for submission consisting of the same unit of time may be consolidated into a single report that is submitted pursuant to that deadline. (b) Contents Any reports consolidated under subsection (a) shall contain all information required under this Act and any other elements that may be required by existing law. 303. Rule of construction Nothing in this Act shall be construed to limit the authority or obligation of the President— (1) to apply the sanctions described in section 104 of the North Korea Sanctions and Policy Enhancement Act of 2016 ( 22 U.S.C. 9214 ) with regard to persons that meet the criteria for designation under such section