Duval Times

WASHINGTON, D.C. – The Federal Retirement Thrift Investment Board has announced its decision to halt the investment of federal employees’ pension dollars in companies controlled by the Chinese Communist Party (CCP), a move applauded by Senator Rick Scott. This decision comes after continuous calls for the Federal Thrift Savings Plan (TSP) to divest from CCP-controlled entities in China and Hong Kong.

Senator Scott, who has been advocating for the protection of American investors, families, and national security from CCP-controlled companies, expressed his satisfaction with the decision. He has cosponsored the Taxpayer and Savings Protection (TSP) Act in multiple Congresses to achieve this goal and prevent the investment of federal pension dollars in CCP-run entities.

The TSP is a retirement savings and investment plan offered to federal employees, providing them with the same benefits as private corporations' 401(k) plans. By participating in the TSP, federal employees can save part of their income for retirement, receive matching agency contributions, and reduce their current taxes.

Senator Rick Scott said, "After years of slow-walking, the Federal Retirement Thrift Investment Board finally listened to calls from me, Senator Rubio, and Representative Michael Waltz and made a good decision to protect the hard-earned retirement dollars of our service members and federal employees from being invested in Communist China and Hong Kong."

He further emphasized the need to remove companies controlled by Communist China from the Mutual Fund Window, stating, "Retirement accounts still have exposure in that space and we need to eliminate it ASAP to protect retirements and stop funneling your money to the CCP."

Senator Scott's efforts to hold Communist China accountable and protect American investors and families have been ongoing. He previously announced a package of five finance-focused bills aimed at safeguarding investments and preventing exploitation by the Communist Chinese government. These bills seek to ensure transparency, accountability, and the protection of American investments in the face of rising tensions between the U.S. and Communist China.

In conclusion, Senator Scott stated, "More work needs to be done to fully protect all federal retirement dollars, and I won’t stop fighting to pass my bill package to protect your retirement."

This decision by the Federal Retirement Thrift Investment Board marks a significant step towards securing American retirement security and mitigating the risks posed by CCP-controlled companies. Senator Scott's persistent efforts to address these concerns demonstrate his commitment to protecting the interests of American investors and families.

Click this link to access more information: https://www.rickscott.senate.gov/2023/11/sen-rick-scott-secures-big-win-for-american-retirement-security-with-federal-retirement-board-decision-to-end-investment-in-ccp-tainted-index-funds