June 14, 2022
Washington, D.C. — U.S. Senator Marco Rubio (R-FL) released a video titled, “Are You Retiring in China?” detailing the threat to American economic and national security posed by investing in Chinese companies.
“We know these Chinese companies do not play by the rules,” Rubio said. “There is absolutely no reason the retirement savings of service-members and federal employees should be funding companies working with the Chinese government and military.”
Rubio’s efforts date back to 2019, when he and Senator Jeanne Shaheen (D-NH) successfully pushed the the Federal Retirement Thrift Investment Board (FRTIB) to reverse a short sighted-decision that would have exposed nearly $50 billion in retirement assets of federal government employees, including members of the U.S. Armed Forces, to be used to fund Chinese companies and the Chinese Communist Party’s efforts to undermine U.S. economic and national security.
Just last week, Rubio secured another victory when four nominees to serve on the FRTIB confirmed in writing that “it is unfitting for Americans to invest in companies from China or elsewhere that undermine U.S. national security.” That pledge marks a turning point in how the U.S. Government views investments in Chinese companies, especially those with ties to the Chinese Communist Party and its armed wing, the People’s Liberation Army.
Rubio continues to push the FRTIB to more carefully scrutinize new mutual funds made available to federal employees. He also continues pushing the Securities and Exchange Commission (SEC) to implement his Holding Foreign Companies Accountable Act, which became law on December 18, 2020. The law protects the interests of hardworking American investors by ensuring that foreign companies traded in America are subject to the same independent audit requirements that apply to American companies.