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Washington, D.C. — U.S. Senators Marco Rubio (R-FL) and Jeanne Shaheen (D-NH) urged Ron Johnson (R-WI) and Gary Peters (D-MI), Chairman and Ranking Member of the Senate Committee on Homeland Security and Governmental Affairs, to expediently consider and approve their bipartisan Taxpayers and Savers Protection (TSP) Act. The TSP Act would prevent the Federal Retirement Thrift Investment Board (FRTIB) from moving forward next year on its short-sighted — and foolish — decision to steer federal retirement savings to opaque Chinese firms engaged in human rights abuses and a wide range of military-related activities. The TSP Act would ensure that the retirement savings of federal employees and members of the Armed Forces are not used to fund the Chinese government and Communist Party’s efforts to undermine U.S. economic and national security.
“While the FRTIB may not see itself as a policymaking institution, Congress most certainly is. Taking up the TSP Act will allow lawmakers to protect federal employees from investing their hard-earned retirement savings in AVIC’s AviChina Industry & Technology, Hikvision, ZTE, and other Chinese companies that are engaged in activities counter to American interests,” the senators wrote.
The full text of the letter is below.
Dear Chairman Johnson and Ranking Member Peters:
We respectfully request that the Senate Committee on Homeland Security and Government Affairs expediently consider and report S.2791, the Taxpayers and Savers Protection (TSP) Act, to ensure that the retirement savings of American federal employees and members of the armed services are not invested in China-based companies, including those involved in the Chinese government’s military activities, human rights abuses, and industrial policy.
On November 28, 2017, the Federal Retirement Thrift Investment Board (FRTIB) voted to change the index tracked by the sole international fund (I Fund) within the Thrift Savings Plan (TSP) to the MSCI All Country World ex-U.S. Investable Market Index (ACWI ex-US IMI). If implemented, this decision will expose the I Fund’s approximately $50 billion in federal retirement assets to the severe national security, human rights, and investor protection risks related to China’s capital markets. In a meeting on November 13, 2019, the Board indicated its intention to move forward with this ill-advised move.
While the FRTIB may not see itself as a policy making institution, Congress most certainly is. Taking up the TSP Act will allow lawmakers to protect federal employees from investing their hard-earned retirement savings in AVIC’s AviChina Industry & Technology, Hikvision, ZTE and other Chinese companies that are engaged in activities counter to American interests.
Thank you for your consideration. We look forward to assisting in any way to ensure that this important concern is addressed.
Sincerely,