White House Shows Support for Rep. Banks’ Plan to Restrict Investment Portfolio Flows into China
Washington, October 8, 2019
WASHINGTON – In reaction to reports that the Trump administration is moving ahead with discussions around possible restrictions on capital flows into China, with a particular focus on investments made by U.S. government pension funds, Rep. Jim Banks (IN-03) released the following statement.
Banks said, “I am encouraged to see the Trump administration considering taking executive action to protect U.S. government workers from having to support the Chinese Communist Party with their retirement funds. China commits human-rights violations and threatens U.S. national security through economic and military actions every single day. We’ve been asleep at the wheel for too long, and I’m glad the U.S. is finally waking up to this threat.”
Reports state that the move comes after U.S. lawmakers and China hawks pressured the Federal Retirement Thrift Investment Board to protect U.S. government workers.
In May, Rep. Banks introduced legislation in the U.S. House that would prevent Thrift Savings Plan (TSP) funds from being invested in Chinese and Russian companies. The TSP is the principal retirement plan for Federal Government employees and has a total investing power of over $550 billion. At the time, Banks said, “The governments of Russia and China have a long history of malicious activity against the United States. If we are to confront the growing threats from these hostile countries, we should not be supporting their economies financially. This common-sense legislation would prevent federal money from entering countries that are actively attempting to undermine our global leadership.”