Tags: China | marco rubio | federal workers pension fund

Rubio: Fed Workers' Pension Shouldn't Be Invested in China

marco rubio speaks during a forum club meeting in florida
(Brynn Anderson/AP)

By    |   Wednesday, 11 September 2019 03:19 PM

Sen. Marco Rubio told CNBC on Wednesday that the government needs to make sure that federal worker retirement dollars are not being invested in China.

“There really is no such thing as private companies in China,” the Florida Republican said. “They’re all, to some extent, instruments of state power. The first question is whether U.S. investment dollars should be propping up these companies that are actively seeking to undermine U.S. economic and national interests.”

Last month Rubio and Democratic Sen. Jeanne Shaheen urged the Federal Retirement Thrift Investment Board to reverse a decision to use the MSCI All Country World ex-U.S. Index, in which China stocks have about an 8.5 percent weighing, as the benchmark for a public pension fund.

Rubio said that if the change in the public pension fund is implemented next year as planned, some $50 billion in federal employee retirement assets would be invested in the Chinese Communist Party.

Rubio and Shaheen stressed in a letter they sent to the Federal Retirement Thrift Investment Board that its “decision to track this MSCI index constitutes a decision to invest in China-based companies, including many firms that are involved in the Chinese Government’s military, espionage, human rights abuses, and ‘Made in China 2025’ industrial policy, and therefore poses fundamental questions about the board’s statutory and fiduciary responsibilities to American public servants who invest in federal retirement plans.”

The pressure from the two senators comes as economic tensions are already high between the U.S.  and China, with the world’s two largest economies involved in a trade war for the past year.

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Sen. Marco Rubio told CNBC on Wednesday that the government needs to make sure that federal worker retirement dollars are not being invested in China.
marco rubio, federal workers pension fund
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2019-19-11
Wednesday, 11 September 2019 03:19 PM
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