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Trump halts federal retirement investments in Chinese funds

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Mary Margaret Olohan 

President Donald Trump will cut the federal government’s retirement fund investments in Chinese equities, according to a Monday letter obtained by Fox Business.

The White House does not want federal employee retirement funds to have money invested in Chinese equities, national Security Adviser Robert O’Brien and National Economic Council Chair Larry Kudlow said in a letter to U.S. Labor Secretary Eugene Scalia Monday.

“This action would expose the retirement funds to significant and unnecessary economic risk,” O’Brien and Kudlow wrote in the letter, “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.”

Indiana Republican Rep. Jim Banks praised Trump for taking action on the investments in Chinese funds.

“I want to thank President Trump for ensuring that our military personnel and other federal employees don’t subsidize the Chinese military,” Banks told the Daily Caller News Foundation in a statement. “I hope Congress can make this fix permanent by passing my bill, the Blocking Investment In Our Adversaries Act.”

The Indiana representative first drew attention to the matter May when he introduced the Blocking Investment in Our Adversaries Act — a bill that seeks to prevent TSP savings from being invested in either Chinese or Russian companies.

“Last month, Rep. Gallagher and I called Secretary Gene Scalia to look at his jurisdiction to stop federal pension investments in companies tied to China’s military,” Banks added. “I’m thankful for Sec. Scalia’s leadership in addressing this serious issue.”

Banks warned of the looming coronavirus pandemic days before his fellow lawmakers began taking the virus seriously, he told the DCNF in an early April interview.

If more lawmakers had focused their attention on China and China’s pattern of misinformation and propaganda, the United States might not have been impacted so heavily by the virus, according to Banks.

“It wouldn’t be a surprise to anyone who has been following China’s actions, their misinformation campaign, their propaganda, apparatus and effort, that we would see many of the actions that we’ve seen come out of China,” Banks said in April.

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Founded by Tucker Carlson, a 25-year veteran of print and broadcast media, and Neil Patel, former chief policy adviser to Vice President Dick Cheney, The Daily Caller News Foundation is a 501(c)(3) non-profit providing original investigative reporting from a team of professional reporters that operates for the public benefit.

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6 Comments

  1. Avatar
    Gideon Rockwell May 12, 2020

    The Chinese are not our friends. They are using our economic system to overthrow us. The globalist billionaires in our country are colluding with them by moving many of our businesses to China for what is basically slave labor there. This has put our nation in a dangerous position when you consider almost all of our medicines and medical equipment are now coming from China. Time to cut all financial ties with China and look at levying financial penalties for what their intentional Wuhan Virus attack has inflicted on our nation.

    Reply
  2. Avatar
    Jojodmonkey May 12, 2020

    Excellent move! China is done! China will go into a Great Depression and the democrats will be over thrown!

    Reply
  3. Avatar
    Don Baker May 13, 2020

    Of course the Marxist democrat party, who worships China will whine and moan over this brilliant move by the greatest president we have ever had

    Reply
  4. Avatar
    Don May 13, 2020

    Good.

    Reply
  5. Avatar

    There is a secret weapon of ideology by Chinese Government against America and President Trump’s government, “IT IS CALLED “RULE AMERICA IN THEIR OWN SOUL, RULE AMERICANS and AMERICANISM IN THEIR OWN HOMES. How did it all happened? Although From Obama administration, The mighty America is now importing medical materials, drugs and all researches from China, but little did Americans knew it to destroy American and render economy useless. Cheap lab-our in china is secretly and ideologically created to wow Foreign companies, to teach Chinese how to produce those things by them selves. The evidence is just began. “But TIME FOR ACTION” let all American companies pull out of China. Relocate else where, or the future is very bad as we can see. The are building their Military to topple America and all the world. Already China and Nigeria rouge Government signed agreement ,That hence forth all import from China by the Nigeria companies should be paid in the Nigeria local currency into the Nigeria bank, not US dollar any more. Could you see that.?

    Reply
  6. Avatar
    Anonymous May 13, 2020

    Thank YOU President THUMP

    Reply

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