Shaheen Responds to TSP Board Decision to Invest Federal Employee Retirement Savings in Chinese Companies Working Against U.S. Values and InterestsNovember 13, 2019
(Washington, DC)—U.S. Senator Jeanne Shaheen (D-NH) issued the following statement after the Federal Retirement Thrift Investment Board voted to invest federal employee retirement savings in emerging markets which includes Chinese companies working against U.S. values and interests:
“There’s no excuse for this decision,” said Shaheen. “This should have been an easy call to reverse course, yet the Board has decided to double down on this dangerous proposal. It’s reckless to prop up companies that threaten U.S. interests and values, and it’s particularly egregious that this is being done with the retirement savings of federal workers, including our military and civilian workforce. I urge Senate leadership to bring my bipartisan bill with Senator Rubio up for a vote.”
Senators Shaheen and Rubio’s TSP Act would conditionally ban the investment of Thrift Savings Plan funds in securities listed on mainland Chinese exchanges. In particular, it would prohibit investment in issuers listed on foreign securities exchanges where America’s Public Company Accounting and Oversight Board (PCAOB) has not issued an audit inspection and where the PCAOB is prevented from conducting such inspections.
Senators Shaheen and Rubio have led the charge in Congress urging the TSP board to reverse its decision that would steer federal retirement savings to China. They first called on the board to change course in August and again in October ahead of a planned board meeting on the dangerous policy.
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