Senators Marco Rubio (R-FL) and Jeanne Shaheen (D-NH) exposed a plan to funnel the retirement savings of Federal Employees to the communist Chinese.
During the Cold War, it would have been unthinkable for the U.S. government to force members of the military and federal employees to invest their retirement savings in funds that included Soviet companies working against U.S. interests and values.
Yet the Federal Retirement Thrift Investment Board—the body that manages the Thrift Savings Plan (TSP), the 401(k) for federal employees—wants to funnel the retirement savings of these Americans directly to a regime that poses one of the greatest threats to our nation’s long-term security and prosperity: the Chinese Communist Party.
The Board’s short-sighted, foolish decision to use the MSCI All Country World ex-U.S. Investable Market Index as a benchmark means TSP retirement accounts will effectively fund companies that engage in human rights abuses and support China’s efforts to undermine America. It exposes nearly $50 billion in assets to severe and undisclosed material risks associated with many Chinese companies listed on the index.
Last month, we urged the Board to swiftly and publicly reverse its decision and provide information on how it was reached. The Board’s response was not only wholly inadequate, but also informed us that it is outsourcing its review to a Wall Street consultant.
Wall Street has consistently ignored the long-term risks of transferring capital to China in pursuit of short-term gains. Despite the clear risks, the Board and its outsourced advisors failed to consider the national security implications of the decision to transfer TSP funds to Beijing.
Many Chinese companies included in MSCI indexes are state-owned or state-directed enterprises Beijing uses to undermine American workers. They are also involved in China’s military, espionage, human rights abuses, and “Made in China 2025” industrial policy.
I have no clue why our government has an obsession with selling our country out to China. It is crazy that a country that has done so much to hurt the American people is not treated that way by our ruling class.
Good on Marco Rubio and Jeanne Shaheen for calling this out because light is a great disinfectant.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri two years ago at the age of 19. Since its founding, it has gotten over 200k pages views and over 20k followers. The Palmieri Report is dedicated to debunking the lies spread by the left-wing Mainstream Media.