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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.
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.
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