Shaheen, Rubio Urge Swift Committee Action on their Bipartisan TSP Act

November 22, 2019

(Washington, DC) — U.S. Senators Jeanne Shaheen (D-NH) and Marco Rubio (R-FL) 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 available here.

 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.