Human rights abuses and U.S. security cited as reasons.
The Trump Administration is pressing a board charged with overseeing billions in federal retirement dollars to halt plans to invest in Chinese companies that Washington suspects of abusing human rights or threatening America’s security.
National Security Adviser Robert O’Brien and White House Economic Adviser Larry Kudlow sent a letter Monday to Labor Secretary Eugene Scalia opposing plans by the Federal Retirement Thrift Investment Board (RITB) to allow a pension fund it oversees to track an index that includes some China-based stocks of companies under scrutiny in Washington.
Secretary Scalia wrote to the board chairman later the same day urging him to “halt all steps” associated with the investment change.
The Thrift Savings Plan is a retirement savings fund similar to a 401(k) for federal employees and members of the military, and the Board oversees $50 billion that has had international investments.
As the Lord Leads, Pray with Us…
- For President Trump, Robert O’Brien, Larry Kudlow and others dealing with the protections of America’s security as it relates to China.
- That Secretary Scalia would be effective in protecting federal pension funds.
- For the board overseeing the federal pensions and their investment decisions.
Sources: Reuters, New York Times
