U.S. Senator Marco Rubio (R-FL) joined The Business Briefing to discuss his call for President Biden to ban U.S.-China travel, the Putting American Autoworkers First Act, Florida’s economic growth, and more. See below for highlights and listen to the full interview...
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Rubio Applauds Administration’s Forthcoming Action Blocking Federal Retirement Funds From Flowing to Chinese Companies
Miami, FL — U.S. Senator Marco Rubio (R-FL) applauded reports that President Trump has directed his Administration to take swift action to prevent the Federal Retirement Thrift Investment Board (FRTIB) from moving forward with a short-sighted decision to invest billions of dollars from the Thrift Savings Plan (TSP) — the retirement assets of federal government employees, including members of the U.S. Armed Forces — in opaque Chinese firms engaged in human rights abuses and a wide range of military-related activities.
“It’s outrageous that five unelected bureaucrats appointed by the previous Administration have ignored bipartisan calls from Congress to reverse this short-sighted decision, and I applaud President Trump for directing his Administration to take swift action preventing this from going forward,” Rubio said. “America’s investors should never be a source of wealth funding the Chinese Communist Party’s rise at the expense of our nation’s future prosperity, and the TSP Board should not force U.S. service members and federal employees to unwittingly undermine the American national security interests that they work hard every day to protect.”
Last year, Rubio and Senator Jeanne Shaheen (D-NH) led a group of lawmakers in introducing the bipartisan, bicameral Taxpayers and Savers Protection (TSP) Act, which would prevent the FRTIB from steering federal retirement savings to China. Specifically, the FRTIB plans to shift the TSP’s International Fund Index to the MSCI All Country World ex-U.S. Investable Market Index that includes Chinese companies under U.S. sanctions and U.S. export bans.
The FRTIB currently plans to begin investing the retirement assets later this year. The move would also place federal savers and their beneficiaries at risk by directing their savings into Chinese firms that fail to live up to the accounting and financial disclosure levels that are standard in developed markets.
Timeline of Rubio actions related to the Thrift Savings Account:
- November 22, 2019: Rubio, Colleagues Urges President Trump to Appoint New Board Members to Oversee TSP
- November 21, 2019: Rubio, Shaheen Urge Swift Committee Action on Their Bipartisan TSP Act
- November 6, 2019: Rubio, Shaheen Lead Bipartisan, Bicameral Bill Banning TSP Board from Steering Federal Retirement Savings to China
- October 22, 2019: Rubio, Shaheen Lead Bipartisan Group Urging TSP Board to Reverse Decision to Steer Federal Retirement Savings to China
- September 30, 2019: ICYMI: Rubio & Shaheen: Federal Retirement Savings Should Not Fund China’s Communist Party
- September 11, 2019: Sen. Marco Rubio wants to make sure federal worker retirement dollars are not invested in China
- August 26, 2019: Rubio, Shaheen Urge TSP Board to Reverse Decision to Steer Federal Retirement Savings to China