WASHINGTON – Today, Congressman Jim Banks (IN-03) reintroduced the Prohibiting TSP Investment in China Act to prevent federal retirements accounts from investing in companies tied to Russia and China. U.S. Senator Tommy Tuberville (R-AL), today introduced companion legislation based on Rep. Banks’ bill.
The Prohibiting TSP Investment in China Act would prohibit Thrift Savings Plan (TSP) funds from being invested in any entity based in China. Such investments would funnel capital to companies that commonly skirt U.S. sanction laws and flout U.S. financial-reporting requirements. The TSP is the predominant government retirement fund and is utilized by 6,000,000 military members and federal civilian employees.
Said Rep. Banks: “All across America, retirees’ savings are being funneled to companies that are actively undermining our security and putting those taxpayers’ children and grandchildren at risk. I’d like to thank Senator Tuberville for introducing my companion bill in the Senate to end U.S. government employee and service member funding of our chief adversary’s rise.”
Said Sen. Tuberville: “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. 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.”