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Rubio Introduces Legislation to Ensure Investment of Federal Retirement Savings Does Not Harm U.S. National Security
Washington, D.C. — U.S. Senator Marco Rubio (R-FL) introduced the TSP Fiduciary Security Act to update the fiduciary duty of the Federal Retirement Thrift Investment Board (FRTIB), which is tasked with managing the retirement savings of federal civil servants through the nearly $800 billion Thrift Savings Plan (TSP), to include national security considerations. Specifically, the legislation would modify the FRTIB to include a duty not to harm national security. Investment of the TSP in Chinese military companies, as well as companies on the U.S. Department of Commerce Entity List, as well as proxy votes by the contractual managers of the TSP that would cause companies the TSP is invested in to harm national security assets, would presumptively violate fiduciary duty per this legislation.
“It was incredibly shortsighted and dangerous for the Federal Retirement Thrift Investment Board to attempt to invest American civil servants’ retirement savings in companies that are tools of the Chinese Communist Party,” Rubio said. “But it was also revealing of a serious problem: the Board and their friends on Wall Street will get away with using American servicemembers’ own savings to fund threats to U.S. national security if the fiduciary duties binding these money managers only focus on short-term financial value. My legislation would update the Board’s fiduciary duty to more accurately reflect the interests of the TSP’s beneficiaries, rather than the financial interests of Wall Street.
The TSP Fiduciary Security Act would:
- Prevent the use of the FRTIB’s fiduciary duty to justify investments that harm national security by incorporating a duty to not harm U.S. national security.
- Define as a presumptive breaches of fiduciary duty:
- Investments in Communist Chinese military companies.
- Investment in companies on the entity list.
- Proxy votes in favor of transactions that would breach contracts with the federal government, significantly reduce capital expenditures in critical technologies, or outsource critical technologies to China or other countries of national security concerns.
- Proxy votes in favor of nominees to the board of directors who are employed by any entity to which investment in would be a breach of fiduciary duty, or who propose actions for the company they are nominated to that would cause investment in the company to cause a breach of fiduciary duty.
- May 20, 2021: Rubio Leads Bipartisan, Bicameral Bill Banning TSP Board From Steering Federal Retirement Savings to China
- May 13, 2020: Rubio, Shaheen Welcome Decision by TSP Board to Halt Transfer of Federal Retirement Savings to China
- 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
- August 26, 2019: Rubio, Shaheen Urge TSP Board to Reverse Decision to Steer Federal Retirement Savings to China