Press Releases

WASHINGTON, D.C. – On Wednesday, the Federal Retirement Thrift Investment Board (FRTIB) announced it would defer its change to invest military and federal retirement plans in Chinese markets. The decision comes on the heels of legislation from Rep. Michael Waltz (R-Fla.) to ban these investments as well as his public push to reverse the decision and replace board members who approved it.

“Finally, the FRTIB has come to its senses on the dangers of investing any federal dollars in the Chinese Communist Party, our greatest foreign adversary,” Waltz said. “Federal retirement funds were nearly directed into the hands of the Chinese military and we must ensure that never happens.”

Earlier this week, President Trump moved to cut investment ties between federal retirement plans and Chinese equities. The FRTIB announced the deferment during a board meeting Wednesday morning.

The decision is as a result of a “meaningfully different economic environment” related in large part to the global COVID-19 pandemic, as well as the President’s nomination of three new FRTIB board members.

“I am especially thankful to the White House for recognizing the importance of this issue and hope the decision is a permanent one,” Waltz said.