The ‘Prohibiting TSP Investment in China Act’ halts investment from the Thrift Savings Fund into securities linked to the Chinese Economy
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL), today introduced the Prohibiting TSP Investment in China Act. This bill would prohibit Thrift Savings Plan (TSP) funds from being invested in any entity based in the People’s Republic of China (PRC). The TSP is the predominant government retirement fund and is utilized by 6,000,000 military members and federal civilian employees.
“We’ve seen it time and again – Chinese companies don’t play by the rules, committing intellectual property theft and disregarding basic regulatory standards at the expense of investors,” Sen. Tuberville said. “Not a single taxpayer dollar should be invested with these entities that have a clear history of corruption. Such investments put the investors, and our country, at risk. It is time to take a serious, united, and bipartisan approach to disentangle American financial investment with China and send the message that American capital will not support Chinese aggression.”
Senator Tuberville’s bill, the Prohibiting TSP Investment in China Act, would prohibit the TSP Fund from investing in any security of a Chinese company and, by cutting off a multi-billion-dollar investment stream, send a message of zero tolerance towards Chinese aggression and financial manipulation. Companies headquartered in the People’s Republic of China have repeatedly committed corporate espionage, violated sanctions imposed by the United States, flouted international property laws, committed theft, and failed to comply with basic audit and regulatory standards. Investing the retirement savings of our nation’s warfighters and Federal civilian employees in Chinese companies threatens the economic stability of American investors and undermines U.S. national security interests. Such investments would funnel capital to companies that commonly skirt U.S. sanction laws. Hard-earned American dollars should not be invested in entities actively working to facilitate China’s military expansion and the persecution of religious minorities.
U.S. Congressman Jim Banks (R-IN) plans to introduce the companion bill in the U.S. House of Representatives.
Click here to listen to Senator Tuberville discuss the importance of this legislation on Fox Business’s “Mornings with Maria”. Senator Tuberville has been outspoken in the need to permanently ban federal TSP investment in Chinese companies.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.