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  • White House delivers blow to China, orders federal retirement money out of Chinese equities

    White House delivers blow to China, orders federal retirement money out of Chinese equities

    National Economic Council Director Larry Kudlow and National Security Advisor Robert O'Brien on Monday sent a letter to Labor Secretary Eugene Scalia stating the White House did not want federal employees' retirement funds invested in Chinese equities, Fox Business reported.

    H/T: Townhall

    "It has come to our attention that billions of dollars from our federal employees' retirement funds in the Thrift Savings Plan (TSP) will soon be invested in Chinese companies. This action would expose the retirement funds to significant and unnecessary economic risk, and it would channel federal employees' money to companies that present significant national security and humanitarian concerns because they operate in violation of U.S. sanction laws and assist the Chinese Government's efforts to build its military and oppress religious minorities," the pair wrote.

    Read the letter from national security adviser Robert O’Brien and National Economic Council Chair Larry Kudlow to U.S. Labor Secretary Eugene Scalia below.

    Read the subsequent letter from Scalia to Michael Kennedy, the chairman of the Federal Retirement Thrift Investment Board below.

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