Connect with us

Hi, what are you looking for?

Waltz introduced his proposal on Friday which his office noted “would ban the Federal Retirement Investment Board (FRTIB) – all five of whom were appointed by President Barack Obama – from steering military and federal employees’ retirement contributions to China.”

Florida Government & Politics

Michael Waltz: We Need to Stop Federal, Military Retirement Funds Going to China

Waltz introduced his proposal on Friday which his office noted “would ban the Federal Retirement Investment Board (FRTIB) – all five of whom were appointed by President Barack Obama – from steering military and federal employees’ retirement contributions to China.”

U.S. Rep. Michael Waltz, R-Fla., has taken up a proposal from a key member of the Trump administration to ensure federal retirement funds are not invested in companies connected to the Chinese military.

Waltz introduced his proposal on Friday which his office noted “would ban the Federal Retirement Investment Board (FRTIB) – all five of whom were appointed by President Barack Obama – from steering military and federal employees’ retirement contributions to China.”

The bill was first championed by former U.S. Rep. Mark Meadows, R-NC, who is now White House chief of staff.

Waltz weighed in on the bill at the end of last week.

“It is absolutely crazy for our military and federal employees to be indirectly contributing to China’s military operations – and what’s worse is that nearly all of these people are completely unaware of this situation,” Waltz said.

“Every month, a combined 5.6 million U.S. military members and federal employees contribute to the Thrift Savings Plan (TSP), a 401K-style plan taken out of their paychecks. The TSP, which is administered by the FRTIB, is responsible for over $700 billion in assets, making it one of the world’s largest retirement funds,” the congressman’s office noted. “The specific portion of the retirement plan in question is the I Fund, one of the most important funds with $50 billion in assets. This fund is invested worldwide to manage risk and benefit from overseas growth.

“Currently, the I Fund doesn’t include developing economies but last year, the FRTIB board approved a change to this fund – scheduled to go into effect later this year – to adopt the All Countries Index, which includes adversaries like China and Russia. The rule change forces the FRTIB to invest more than $3 billion of military and federal employees’ retirement funds in state-owned firms directed in China,” Waltz’s office added.

“Imagine sending our brave soldiers overseas to fight against our enemies and then telling them they have been footing the bill for a country like China’s military operations,” Waltz said. “This is completely unconscionable and needs to stop.”

Waltz rounded up almost 20 cosponsors for the bill including Florida Republican U.S. Reps. Neal Dunn, Matt Gaetz, Bill Posey and Ross Spano. Top Republican House leaders including U.S. Rep. Liz Cheney, R-Wy., and U.S. Rep. Cathy McMorris Rodgers, R-Wash., are also behind it.

The bill was sent to the U.S. House Oversight and Reform Committee at the end of last week. So far, there is no counterpart in the U.S. Senate.

 

Reach Kevin Derby at [email protected].

Author

  • Kevin Derby

    Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

    View all posts

Archives

Related Articles

Florida Government & Politics

The incoming Trump administration has been choosing elected officials from Florida to serve in their cabinet, such as Senator Marco Rubio (R) for US...

Political News

Former Florida Congressman Matt Gaetz, who recently withdrew his name from consideration for an appointment as U.S. Attorney General under President-Elect Trump, has announced...

Political News

The House Ethics Committee found “substantial evidence” former Rep. Matt Gaetz, R-Fla., participated in “prostitution, statutory rape, illicit drug use” and obstruction of Congress in...

Political News

Within hours of former Florida Congressman Matt Gaetz (R) announcing his withdrawal from President-Elect Donald Trump‘s nomination for US Attorney General, a former Florida...

Advertisement
Florida Daily
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

HOW WE COLLECT E-MAIL INFORMATION:

If you sign up to subscribe to Florida Daily’s e-mail newsletter, you will provide us your e-mail address and name, voluntarily, and we will never obtain any of your contact information that you don’t voluntarily provide.

HOW WE USE AN E-MAIL ADDRESS IF YOU VOLUNTARILY PROVIDE IT TO US:

If you voluntarily provide us with your name and email address, we will use it to send you one email update per weekday. Your email address will not be given to any third parties.

YOUR CONTROLS:

You will have the option to unsubscribe to our E-mail update at anytime by clicking an unsubscribe link that will be provided in each E-Mail we send.