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Following Rubio’s Leadership, Federal Retirement Plan Stops Investing in China
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.” – Senator 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.
Want more information?
- July 2023: Senate Blocks Rubio Amendment Banning Chinese Investments From Federal Retirement Plan
- May 2023: Rubio, Colleagues Reintroduce Bill to Stop TSP From Funneling Federal Employee Retirement Savings to China
- August 2022: Rubio Demands Biden Administration Protect Military Retirement Funds from China
- May 2021: Rubio Leads Bipartisan, Bicameral Bill Banning TSP Board From Steering Federal Retirement Savings to China
- May 2020: Rubio, Shaheen Welcome Decision by TSP Board to Halt Transfer of Federal Retirement Savings to China
- October 2019: Rubio, Shaheen Lead Bipartisan Group Urging TSP Board to Reverse Decision to Steer Federal Retirement Savings to China
- September 2019: ICYMI: Rubio & Shaheen: Federal Retirement Savings Should Not Fund China’s Communist Party
- August 2019: Rubio, Shaheen Urge TSP Board to Reverse Decision to Steer Federal Retirement Savings to China