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Following Rubio’s Leadership, Federal Retirement Plan Stops Investing in China

Nov 15, 2023 | Comunicados de Prensa

Following a multi-year effort led by U.S. Senator Marco Rubio (R-FL), the Federal Retirement Thrift Investment Board (FRTIB) finally acknowledged that the risk of directing retirement funds of federal employees into Chinese companies far outweighs the benefits. 

The Thrift Savings Plan (TSP) is a retirement and investment plan for American federal employees and military members. The FRTIB manages the TSP and, until recently, had been funneling the retirement savings to state-sponsored Chinese companies directly sponsored by the Chinese Communist Party. This decision will steer more than a billion dollars in investment away from China.

Rubio released a statement on the board’s decision.

  • “Communist China should not profit from the retirement accounts of U.S. government employees and service members. I applaud the board for taking this first step by choosing an investment fund that excludes China.”  – senador Rubio

Rubio first raised the issue in 2019, leading a successful bipartisan effort to block the FRTIB from investing retirement savings in Chinese companies. In 2022, the FRTIB again opened the door to allow these funds to be invested in blacklisted Chinese companies. 

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