Retirement fund would face China investment ban under bipartisan bill
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Former Trump trade and jobs adviser Curtis Ellis weighs in on the strong U.S. economy with regard to the ongoing trade negotiations with China.
A new measure introduced by a bipartisan group of senators on Wednesday would block a U.S. government retirement fund from investing in Chinese stocks, after concerns that the investments would undermine national security and fund China's economic growth.
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The bill would forbid the Federal Retirement Thrift Investment Board (FRTIB) from allowing its funds to be invested in mainland China. It comes after the board considered moving the Thrift Savings Plan — a retirement savings plan similar to a 401(k) for federal employees and members of the military — to a benchmark that includes Chinese companies by 2020.
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Some of those companies engaged in "human rights abuse and a wide-range of military-related activities, effectively funding the Chinese government and Communist Party's efforts to undermine U.S. economic and national security," according to the legislation, which was sponsored by Sens. Marco Rubio, R-Fla., Jeanne Shaheen, D-N.H., Kirsten Gillibrand, D-N.Y., Mitt Romney, R-Utah and Rick Scott, R-Fla.