Coming as part of a sea change in Trump’s rhetoric toward China, this could be the start of a larger strategy.
On May 11, Larry Kudlow, director of the National Economic Council at the White House, and National Security Advisor Robert O’Brien penned a letter to U.S. Secretary of Labor Eugene Scalia.
«It has come to our attention that billions of dollars from our federal employees’ retirement funds in the Thrift Savings Plan will soon be invested in Chinese companies,» the letter begins.
No need. These Chinese companies are listed in the United States, often with little insight into their fiduciary health, and even less oversight into their operations or ties to the Chinese Communist Party and the Chinese military. According to Roger W. Robinson, Jr., writing in Hillsdale College’s Imprimis, «China has over 700 companies in our stock and bond markets or capital markets. It has about 86 companies listed on the New York Stock Exchange, about 62 in the NASDAQ, and over 500 in the murky, poorly regulated over-the-counter market».
President Donald Trump has changed America’s relationship with China by first acknowledging and then answering American anger and frustration over job loss, technology theft, and predatory practices.
This article was written by Bonnie Girard
To read the full article, please click on the following link: https://thediplomat.com/2020/05/the-us-pulls-pensions-out-of-china-whats-the-end-game/
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