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Washington, D.C. — U.S. Senators Marco Rubio (R-FL), Jeanne Shaheen (D-NH), Todd Young (R-IN), Rick Scott (R-FL), and Joni Ernst (R-IA) reintroduced the bipartisan, bicameral Taxpayers and Savers Protection (TSP) Act, which would prevent the Federal Retirement Thrift Investment Board (FRTIB) from steering federal retirement savings to China. U.S. Representative Mike Waltz (R-FL) will be introducing the companion bill in the House. Rubio first introduced this legislation in November 2019.
“It is absolutely unacceptable that the Chinese Communist Party and government continues to profit from the retirement accounts of U.S. government employees and members of the military,” Rubio said. “Congress can’t sit on the sidelines and allow the TSP Board to fund Beijing’s rise at the expense of our nation’s future prosperity and national security interests.”
The TSP Act would conditionally ban the investment of Thrift Savings Plan funds in securities listed on Chinese exchanges. In particular, it would prohibit investment in issuers listed on foreign securities exchanges where America’s Public Company Accounting and Oversight Board (PCAOB) is prevented from conducting such inspections.
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