Veterans and Senators Ask the FRTIB To Not Invest in Communist China
Recently, a letter was written by a group of influential veterans advising all American retirement funds not to invest in companies in China. This letter was signed by retired vets, such as U.S. Air Force Brigade General Robert Spalding, Lieutenant Colonel Allen West (once a former member of the House of Representatives), Colonel Darrell Smith, Gunnery Seargent Jessie Jane Duff, U.S. Air Force Lieutenant General Thomas McInerney, and U.S. Army Lieutenant General William Boykin.
In the letter, they state that the Chinese Communist Party just recently celebrated its National Day, which is regarding approximately 70 years of their misgoverning over their Chinese citizens. The government is relentlessly progressing toward repressing the human rights of its citizens. Not only that, but the Chinese Communist Party has become more antagonistic with its ever-growing threats to the U.S.
The signers stated businesses that provide the resources and funding for the Chinese Communist Party are enabling this government to oppress the Chinese people. This involves companies that assist China in supporting its social credit program, breaching American and international sanctions, unlawfully build up islands in the South China Sea, and strengthen its advanced technology military capabilities.
The letter claims that there are many U.S. pension funds and other investors that are underwriting Chinese companies that are doing these activities, as mentioned above. They state that 6 percent of Morgan Stanley Capital International All-Country World Index, which is around 6 trillion dollars are being placed on Communist China’s stocks.
They also mention that the TSP (Thrift Savings Plan) will be copying the Morgan Stanley Internation Index in 2020. If this is allowed to happen, current and retired Federal Government workers and military personnel will have their retirement investments support Communist China’s companies.
The signers find this to be unsupportable as they have served in the military for the U.S, and cannot support having their investments assist their enemies.
They are seeking for the President to stop the TSP from possibly supporting Communist China.
This group is not the only one that is demanding the board in charge of the TSP, the Federal Retirement Thrift Investment Board (FRTIB), to change their plans in regards to investing funds to companies in China. U.S. Senators Jeanne Shaheen D-NH and Marco Rubio R-FL released a similar plea back in December. The senators likened this situation to the unimaginable idea of U.S. government workers and military having supported Soviet Russian businesses during the period of the Cold War.
The senators said that Americans should not be underwriters for Communist China, which can be a threat to the U.S. They also wrote directly to the chairman of the FRTIB, Michael Kennedy, requesting that the chairman change the move to invest in Chinese companies. They also asked him how this decision was even made possible.
At this time, the Trump administration is reviewing implementing restrictions on investments going into Communist China, which involves U.S. government retirement savings. The Chinese Communist Party has made points that if this were to happen, this would damage trade talks with the U.S.
