Rubio is launching a campaign to prevent federal employees’ savings from going to Chinese companies
Sen. Marco Rubio (R-Fla.) is unrelenting in his campaign to pressure Federal Retirement Thrift Investment Board (FRTIB) officials to invest the savings of US military and civilian personnel in Chinese companies.
In an exclusive publication for The Epoch Times late June 13, Rubio released a hard-hitting, fact-packed 3:30 minute YouTube video titled “Are You Retiring in China?”. Created by its staff, it argues that such investments only benefit the Chinese Communist Party (CCP), which controls Beijing’s increasingly aggressive and hostile regime led by Premier Xi Jinping.
“We know these Chinese companies are not playing by the rules. There is absolutely no reason why military and federal employee pension plans should fund companies that work with the Chinese government and military,” Rubio told The Epoch Times.
The FRTIB and its Thrift Savings Plan (TSP) is a vehicle introduced by a 1984 reform proposed by President Ronald Reagan to convert the main federal civil service retirement program from a defined benefit plan to a defined contribution approach, as it was then widely used spread was taken over into the corporate world.
Since then, billions of dollars have been invested in the TSP by federal officials, making it a potentially lucrative target for sellers of indexed investment vehicles composed of multiple countries across a variety of industries.
Rubio’s new video comes despite his success on June 2, when he worked with Republican Senate colleagues to secure a pledge from President Joe Biden’s four FRTIB nominees that they would not invest in savings from military or government employees in Chinese companies will approve.
A Rubio staffer also pointed to a recent report by the Financial Times, which said: “For Xi, funding China’s transformation into a global hub for high-tech innovation is central to national defense. In a speech published last year in the country’s leading journal of Communist Party theory, he warned that “only if we have the key technologies in our own hands can we fundamentally guarantee national economic security, national defense security and other securities.” keep.”
In the video, Rubio is featured in excerpts from several Senate speeches, media interviews and public addresses declaring that sending the retirement savings of soldiers and civil servants to Chinese firms only strengthens America’s most dangerous international adversary.
“The fact is, if you do business with a Chinese company, you end up doing business with the Chinese Communist Party,” Rubio reads in a segment he tells a trade association.
In another speech from a Senate speech, Rubio tells his colleagues that “Your pension funds help federal employees, including members of the House and Senate, capitalize on companies that are actively trying to put American industry out of business forever.” “
In a third paragraph, Rubio explains: “This is not a political game, it has nothing to do with it, it is not about politics. Don’t we understand where we’re going? You have a country that is actively saying, “We’re going to drive you out, we’re going to be the most powerful country in the world, and we’re going to do it at your expense.”
From the start, Rubio has fought against the move to allow such investments, which began in 2015 under President Barack Obama and then-Vice President Joe Biden.
Last month, Rubio, along with Sen. Tom Cotton (R-Ark.), Sen. Tommy Tuberville (R-Ala.), Sen. Roger Marshall (R-Kan.) and Sen. Rob Portman (R-Ohio) warned the FRTIB acting chairman David Jones said the board should not implement its proposed new investment fund window that would allow investments in several Chinese companies as well as companies based in other countries that pose serious national security problems for the United States.
At the same time, the bipartisan House pair of Rep. Greg Murphy (RN.C.) and Rep. Jimmy Panetta (D-Calif.) warned the FRTIB.
“U.S. soldiers and other federal employees would likely be shocked to learn that the FRTIB does not know what companies make up these approved funds or the risk those companies pose,” the senators wrote in a May 24 letter.
“They don’t want their pension money to fund the CCP’s development of advanced weapon systems and military modernization. They do not want to be involved in promoting the genocide of the Uyghurs, equipping concentration camps, and trafficking in slave labor.
“They don’t want to invest in an opaque mutual fund platform where Chinese companies don’t comply with federal securities laws or submit to appropriate disclosure requirements. When investing through TSP, they rightly expect the FRTIB to protect them and their investments from this type of dangerous investment.
In response to Rubio and the other congressmen, the four Biden candidates agreed to oppose such investments.
“We agree that it is inappropriate for Americans to invest in companies in China or elsewhere that undermine US national security. Congress gave the Treasury Department’s Office of Foreign Assets Control (OFAC) the authority to ban any American from making such investments.
“We fully support OFAC’s ability to exercise its powers, and we commit that any entity banned by OFAC, whether based in China or elsewhere, will not be included in a TSP fund,” said nominees Rubio and den Senators Cotton and Tuberville in a June 2 letter letter.
The four Biden nominees are Dana Bilyeu, Leona Bridges, Michael Gerber and Stacie Olivares. If confirmed by the Senate, the nominees will join the five-member FRTIB. Rubio, who had previously put the nominations on hold, said on June 2 that he has now lifted his hold to allow the Senate to complete its review.