WASHINGTON, DC – Rep. Mike Gallagher (R-WI), Chairman of the House Select Committee on the Chinese Communist Party, today released the below on the Federal Retirement Thrift Investment Board announcing that no companies in the People’s Republic of China and Hong Kong would be included in its I Fund benchmark, a move that will ensure federal government employee savings will not be passively invested in Chinese companies.
“I applaud the FRTIB’s move to safeguard federal employees’ savings from companies listed in the PRC and Hong Kong. It was always absurd that American servicemembers and Congress should finance the Chinese Communist Party’s military and human rights abuses. This decision shows the path forward for all those who have a fiduciary obligation to steward Americans’ savings. I hope state pension plans, endowments, and their Wall Street money managers will follow suit and recognize that investing in the PRC is a dangerous, rigged game. Like the house in a casino, the CCP always wins, and everyday Americans lose.”