; and (bb) any merger, consolidation, joint venture, partnership, spin-off, reverse spin-off, dissolution, restructuring, recapitalization, liquidation, or any other business combination or strategic transaction; or (II) elect an individual to the board of directors of the entity that is the subject of the proposal. . (b) Review of exercise of voting rights; report to Congress Section 8438 of title 5, United States Code, is amended— (1) in subsection (f)— (A) by inserting (1) after (f) ; and (B) by adding at the end the following: (2) For the purposes of paragraph (1), a review of the exercise of voting rights for compliance with section 8477(b)(1)(D), including under the regulations prescribed under section 8477(f)(2), shall not be considered to be the exercise of voting rights associated with the ownership of securities by the Thrift Savings Fund. ; and (2) by adding at the end the following: (i) Not later than 2 years after the date of enactment of this subsection, and annually thereafter, the Secretary of Labor shall submit to the Committee on Homeland Security and Governmental Affairs of the Senate and the Committee on Oversight and Accountability of the House of Representatives a report regarding— (1) for the year covered by the report, the investments of the Thrift Savings Fund (or portions thereof), and the exercise of voting rights associated with any such investments, that have been reviewed for compliance with section 8477(b)(1)(D); and (2) the outcome with respect to enforcement of each review conducted under paragraph (1) and a justification for that outcome. .