Home » Economy » Senators push federal employees retirement savings plan to stay away from China
Comments Off on Senators push federal employees retirement savings plan to stay away from ChinaEconomy
Senators push federal employees retirement savings plan to stay away from China
Michael Pillsbury: ‘Suspense is still the order of the day’ on US-China trade deal
China expert Dr. Michael Pillsbury discusses how the U.S. and China are close to achieving a preliminary trade deal with China, but China might renege.
A bipartisan group of U.S. senators including Republican Marco Rubio and Democrat Kirsten Gillibrand pressed the Federal Retirement Thrift Investment Board to reverse its decision to expose the fund to more Chinese firms ahead of the board's Monday meeting.
Continue Reading Below
"[T]his decision would effectively invest the retirement savings of America's civil servants and military personnel in constituent companies of the ACWI ex-US IMI that assist in the Chinese government's military activities, espionage, and human rights abuses, as well as many other Chinese companies that lack basic financial transparency," the senators said in a letter last week.
ACWI ex-US IMI stands for the MSCI All Country World ex-U.S. Investable Market Index fund. The fund would include companies like Hikvision, which the U.S. blacklisted earlier in October, and AviChina Industry & Technology Company Ltd., which is connected to a Chinese government-owned weapons manufacturer.