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.
"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.
Welcome move by the President. It’s outrageous that 5 unelected bureaucrats wanted to invest the retirement savings of members of the U.S. military in Chinese companies actively working against the interests they are sworn to protect. https://t.co/HIaOL3uiRT— Marco Rubio (@marcorubio) May 12, 2020
@realDonaldTrump has recognized publicly that the attack on our country perpetrated by the CCP is worse than the Pearl Harbor and 9/11 ones that we considered, and treated, as acts of war— Frank Gaffney (@frankgaffney) May 11, 2020
🇺🇸We must do no less now - starting by not underwriting the enemy https://t.co/E4VuHRace7
More on the alternate approach here - https://t.co/6JypTw9tBZ— John (@JohnSerwach) May 12, 2020
This is such BS!— 🇺🇸Kevin🇺🇸⭐⭐⭐ (@KI4FDW) May 12, 2020
Our military retirement finds should be funded in AMERICA!
NOT COMMUNIST CHINA!
Federal retirement funds must not funnel money to China's regime https://t.co/AV5juXdaSM
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.