Billions in U.S. Troops’ Retirement Savings
Funding the Chinese MilitaryAmerican military personnel are inadvertently
funding the 21st Century adversary retirement savings
Members of the United States military are inadvertently funding the rise of their biggest 21st Century adversary — China — through their retirement savings, Army Green Beret and Congressman Mike Waltz (R-FL) warned in an interview this week.
About $50 billion from the 401k-style plan that U.S. troops put their savings into is invested in an index that includes Chinese firms, some of which build weapons systems for the Chinese military, he said in an interview with Breitbart News on Wednesday.
“It’s insane,” he said. “This is the most dangerous adversary we have ever faced.”
Waltz said in a video he tweeted earlier this week:
Every month, me included as a National Guardsman, we contribute to this 401K-style plan. Well guess what? Billions of dollars from it are going over to Beijing and funding Chinese shipbuilding, plane building and all types of companies. Many of which are close to the Chinese Communist Party, some of which are even on the U.S. sanctions lists.
We cannot have the American military who’s out on the frontlines retirement account funding their biggest adversary in the 21st Century. America, we need to wake up. We are in a Cold War with China, they are certainly in one with us. And we would be no more funding their industry through our retirement than we would the Soviet Union and companies in Russia years ago. We need to think about this differently and this has got to stop.
Waltz is sponsoring a bill first proposed by former Rep. Mark Meadows (R-NC), now President Trump’s chief of staff, that would prevent those retirement funds from being invested in Chinese firms. Sen. Marco Rubio (R-FL) is sponsoring a companion bill in the Senate.
Waltz said another way to change this would be for President Trump to appoint a new chairman of the Federal Retirement Thrift Investment Board (FRTIB), which oversees the federal retirement fund known as the Thrift Savings Plan (TSP). The board‘s chairman is Obama appointee Michael Kennedy, a Harvard MBA.: Full Story - KRISTINA WONG - Breitbart
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