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Senate Blocks Rubio Amendment Banning Chinese Investments From Federal Retirement Plan
The Federal Retirement Thrift Investment Board (FRTIB) is steering retirement savings of military servicemembers and federal workers to funds that invest in Chinese companies, including companies that support the People’s Liberation Army.
U.S. Senator Marco Rubio (R-FL) 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.
Despite bipartisan, majority support, including from Senators Jeanne Shaheen (D-NH), Joni Ernst (R-IA), and Dan Sullivan (R-AK), the Senate failed to adopt Rubio’s amendment to the annual defense bill that would have banned those investments.
- “The Senate had a chance to prevent China from benefiting from our military service members and federal workers’ retirement funds. Instead, it allowed pressure from Wall Street and other special interests to block this common-sense amendment. There is strong bipartisan support for this proposal, and I will continue to work with my colleagues to stop federal retirement funds from benefitting the Chinese Communist Party.” – Senator Rubio
Rubio spoke on the Senate floor before the vote. See below for the video.
Looking forward … Senator Rubio will continue his fight for a ban on the investment of Thrift Savings Plan funds in Chinese companies by working to pass his bipartisan Taxpayers and Savings Protection Act through the Senate.
Want more information?
- 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