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Rubio Releases Hold on Federal Retirement Thrift Investment Board Nominees
Miami, FL — U.S. Senator Marco Rubio (R-FL) released a statement after four nominees for the Federal Retirement Thrift Investment Board (FRTIB) confirmed in writing, “it is unfitting for Americans to invest in companies from China or elsewhere that undermine U.S. national security.” The response from Dana Bilyeu, Michael Gerber, Leona Bridges, and Stacie Olivares came after Rubio and Senators Tom Cotton (R-AR) and Tommy Tuberville (R-AL) sent a letter to the nominees outlining their concerns the FRTIB would continue to downplay the threat of investing in Chinese companies. Rubio also placed a hold on the four nominees, which prohibited them from being confirmed by consent.
“We know these Chinese companies do not play by the rules,” Rubio said. “There is absolutely no reason the retirement savings of service-members and federal employees should be funding companies working with the Chinese government and military. It is encouraging that these nominees understand their fiduciary duties. I look forward to working with them to ensure retirement funds do not flow to those unaccountable companies.”
In 2019, Rubio and Senator Jeanne Shaheen (D-NH) successfully pushed the FRTIB to reverse a short sighted-decision to shift the Thrift Savings Plan’s (TSP) International Fund Index to the MSCI All Country World ex-U.S. Investable Market Index (ACWI ex-US IMI). The change would have exposed nearly $50 billion in retirement assets of federal government employees, including members of the U.S. Armed Forces, to severe and undisclosed material risks associated with many of the Chinese companies listed on the MSCI ACWI ex-US IMI. These return funds would have been used to fund the Chinese government and the Chinese Communist Party’s efforts to undermine U.S. economic and national security.
- May 2022: Rubio, Colleagues Urge Biden Administration to Protect Federal Retirement Dollars From Dangerous Chinese Companies
- April 2022: Rubio, Tuberville, Cotton Ask Biden Nominees to Protect Federal Employees’ Retirement Funds From Chinese Firms
- July 2021: Rubio Calls SEC Guidance on China “Long Overdue” but Says More Action Needed
- June 2021: Rubio Introduces Legislation to Ensure Investment of Federal Retirement Savings Does Not Harm U.S. National Security
- May 2021: Rubio Leads Bipartisan, Bicameral Bill Banning TSP Board From Steering Federal Retirement Savings to China
- March 2021: Rubio, Colleagues Introduce Legislation Banning Harmful Chinese Companies From Exploiting U.S. Capital Markets
- December 2020: Rubio Statement on MSCI Removing Chinese Military Companies From Its Indexes
- November 2020: Rubio Statement on SEC Proposed Plan to Ban Chinese Firms That Flout U.S. Laws From U.S. Exchanges
- May 2020: Rubio, Shaheen Welcome Decision by TSP Board to Halt Transfer of Federal Retirement Savings to China
- April 2020: Rubio Applauds Administration’s Forthcoming Action Blocking Federal Retirement Funds From Flowing to Chinese Companies
- November 2019: Rubio, Scott to President Trump: Protect American Taxpayers’ Retirement Funds from Communist China
- November 2019: Rubio, Shaheen Urge Swift Committee Action on Their Bipartisan TSP Act
- November 2019: Rubio, Shaheen Lead Bipartisan, Bicameral Bill Banning TSP Board from Steering 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