Shaheen Helps Introduce Bipartisan, Bicameral Bill Banning TSP Board from Steering Federal Retirement Savings to ChinaMay 21, 2021
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) helped introduce bipartisan, bicameral legislation, the Taxpayers and Savers Protection (TSP) Act, with U.S. Senators Marco Rubio (R-FL), Todd Young (R-IN), Rick Scott (R-FL) and Joni Ernst (R-IA) to prevent the Federal Retirement Thrift Investment Board (FRTIB) from steering federal retirement savings to China.
“It’s alarming that billions of dollars from the retirement accounts of federal government employees, like our military, are currently invested in China and prop up companies that threaten American interests and values. That’s unacceptable,” said Shaheen. “I’m proud to help lead this bipartisan, bicameral effort to ensure China doesn’t profit off our civilian workforce or servicemembers, especially at the expense of our national security.”
The TSP Act would conditionally ban the investment of Thrift Savings Plan funds in securities listed on Chinese exchanges. In particular, it would prohibit investment in securities listed on any foreign exchange where the Public Company Accounting and Oversight Board (PCAOB) is prevented from conducting oversight.
U.S. Representative Mike Waltz (R-FL) will be introducing the companion bill in the House.
Shaheen and Rubio have led efforts to encourage the FRTIB to halt investments from the Thrift Savings Plan — the retirement assets of federal government employees, including members of the U.S. Armed Forces — in opaque Chinese firms engaged in human rights abuses and a wide range of military-related activities.
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