These early-career leaders already are having an outsized impact on government IT. ", Mr. Kennedy added: "Secondly, this will allow the new board members to be fully confirmed and be transitioned onto our board and allow them time to do their own due diligence and assessment on the (I Fund) and make the determination on which direction they would like to go.". Sen. James Lankford, R-Okla., left, and Sen. Ron Johnson, R-Wis., questioned TSP board nominees about potential investment in China. "However, across government, it's surprising that there's no consistency, even with things like the United Nations' Guiding Principles [on Business and Human Rights]. President Trump’s three nominees to the board that administers the Thrift Savings Plan told senators on Wednesday that they would leave politics out of their decision-making if confirmed, although they viewed Chinese investment as a risky proposition from a fiduciary standpoint. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. "Congress must act now to prevent the Federal Retirement Thrift Investment Board from steering the retirement savings of our federal employees and military members into the hands of China's Communist Party.". Terms under which this service “It’s fully appropriate for you to enter into that debate, just in the way that in the Connecticut House of Representatives we entered the debate of whether it was appropriate or not for the pension funds of state employees and teachers to invest in South Africa, Iraq, Iran or in companies that failed to abide by the McBride principles,” he said. We appreciate your attention to this matter. By clicking “I agree” below, you consent to the use by us and our third-party partners of cookies and data gathered from your use of our platforms. See our Privacy Policy and Third Party Partners to learn more about the use of data and your rights. Senator Marco Rubio (R-FL) Reproduction without permission prohibited. While your Administration continues to take important and necessary steps to enforce fair trade laws against Chinese companies that have for too long stolen American jobs and innovations, the FRTIB’s decision forces the U.S. government to invest in them. The Senators warned that FRTIB’s decision will effectively use these retirement savings to fund the Chinese government and Communist Party’s efforts to undermine U.S. economic and national security. We are extremely disappointed in the FRTIB for ignoring the concerns of Congress and putting the savings of so many hardworking Americans at risk. Federal Retirement Thrift Investment Board, Washington, voted unanimously Wednesday to pause its implementation of plans to shift billions of dollars in retirement … The board members who voted in favor of the move have argued that it is the best decision for TSP participants, and that questions about the suitability of investing in China should be answered by the Treasury Department’s Office of Foreign Assets Control. Chinese authorities have also recently prevented the Public Company Accounting Oversight Board (PCAOB) from "auditing firms in mainland China and Hong Kong who serve mainland Chinese companies." Tenth Floor Copyright © Media. In 2017, the board decided to shift the $593.7 billion Thrift Savings Plan's I Fund benchmark to the MSCI ACWI ex-U.S. Investible Market index from the MSCI EAFE index. All rights reserved. The Federal Retirement Thrift Investment Board (FRTIB) overseeing the fund made a decision in 2017 that the money should be moved by mid-2020. The Federal Thrift board faced calls from Capitol Hill in November to reverse its decision to move to an index fund that includes Chinese firms. Editor's Note: Want to support Townhall so we can keep telling the truth about China and the virus they unleashed on the world? TSP Board Nominees Skeptical of China Investment, but Pledge Independence, Help Us Find the Government’s Boldest Innovators, Nextgov eBook: How the Cloud is Helping the Government’s Pandemic Response. Help us tailor content specifically for you: Transition Has Focused on Civil Service Issues, Top House Democrats Call on Agencies to Preserve Records for Transition. One of the things I resisted was divesting from tobacco stocks because I don’t’ make political decisions like that. “It is my fervent hope that the new board members, when confirmed, will take the time to study and make their decision regarding the I Fund, and every other issue which they will face in the future, within the context of how this agency has always been run: independently and in the best interests of the participants and beneficiaries,” board member David A. Jones said. Copyright © 2007-2020 My Federal Retirement. All Rights Reserved. ), Kristen Gilibrand (D-N.Y.), Rick Scott (R-Fla.) and Josh Hawley (R-Mo.). Yes, I want to receive occasional updates from partners. If the Federal Retirement Thrift Investment Board is going to drag its feet on reversing the decision that would allow this dangerous policy to go into effect, then Congress must act,” Shaheen said. Fundamentally, though, I’ll be guided by what I consider to be my fiduciary duty, that is the duty of care and loyalty, to the beneficiaries of the fund.”. Rubio, Shaheen and Romney introduced the Taxpayers and Savers Protection (TSP) Act in order to ban the Board from investing in Chinese firms. “I know you don’t make the final decisions in some of this, but there is an important impression that needs to be there on an investment strategy and how we invest federal employees that have worked very hard to protect our free market systems into locations and companies that work antithetically to free market systems.”. My fiduciary duty is to make the highest return at a reasonable risk.”. The letters sent Monday also referenced “national security and humanitarian concerns for the United States.”. See our, Read a limited number of articles each month, You consent to the use of cookies and tracking by us and third parties to provide you with personalized ads, Unlimited access to on any device, Unlimited access to all Washington Post apps, No on-site advertising or third-party ad tracking. Toni Sandys/The Washington Post via AP. Mr. Jones, Mr. Kennedy and Ronald McCray are the three board members who would be replaced by Mr. Trump’s nominees. Aon recommended the board switch to the MSCI ACWI ex-U.S. IMI index in 2017 and reiterated that recommendation last fall. SEC Chairman Clayton has personally reinforced these investor protection concerns to me," Scalia wrote. Please enable cookies on your web browser in order to continue. "The FRTIB's decision to track this MSCI index constitutes a decision to invest in…many firms that are involved in the Chinese Government’s military, espionage, human rights abuses," the senators wrote. You Get a Lot More Than a Retirement Benefit. By continuing to use this site, you agree to our use of cookies. Congress is working hard to make sure taxpayer dollars are not invested in Communist China, and is prepared to act to protect the American people. 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