[Congressional Record Volume 167, Number 162 (Monday, September 20, 2021)]
[Senate]
[Pages S6545-S6546]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



          Federal Retirement Thrift Investment Board Nominees

  Madam President, on another note, I rise to request that the 
nominations submitted by the President on September 13 to be members of 
the Federal Retirement Thrift Investment Board be referred to the 
Committee on Homeland Security and Governmental Affairs for a hearing.
  This board has the important task of administering the Thrift Savings 
Plan, better known as TSP, which is the retirement investment plan 
utilized by 6 million members of our Federal workforce, including our 
Nation's Armed Forces. The members of this Board make decisions 
impacting the retirement savings of millions of Americans. This is a 
huge responsibility.
  Recognizing that responsibility, the Trump administration rightfully 
put in place a ban on TSP investment in Chinese companies, but that ban 
is no longer in force, exposing these Americans to significant economic 
risk and undermining U.S. national security interests.
  Because Congress has given the Board oversight of retirement 
investment of millions of Americans and because the previous China 
investment plan is no longer in place, Congress has a duty to 
thoroughly vet these nominees.
  Our adversaries are trying to do everything possible to get a leg up 
on the United States. Because we are the greatest country on the face 
of the Earth, investments in companies with Chinese Communist Party 
ties are a direct threat to our national security. Such investments 
funnel capital to companies that commonly violate U.S. sanction laws 
and that are actively working to facilitate China's military expansion 
and the persecution of religious minorities. Chinese companies are 
notorious for their deep ties to the Chinese Communist Party and for 
their support of government, surveillance, and espionage activities.
  But Chinese companies also have a long history of costing investors 
billions in losses by manipulating financial reporting statements and 
failing to comply with basic audit standards in an effort to 
artificially inflate their success. The Luckin Coffee incident is just 
one of the first that comes to mind. Fraudulent practices like these 
put the retirement savings of Americans in jeopardy.
  This is exactly why, earlier this year, I introduced legislation to 
prohibit Thrift Savings Plan funds from being invested in Chinese 
companies--to protect the retirement savings of our Federal civilian 
workforce and our Armed Forces.
  Protecting these Americans' investments and our country's national 
security is a serious issue requiring serious consideration. If 
confirmed, President Biden's nominees to the Federal Retirement Thrift 
Investment Board would be the gatekeepers, and Congress has a 
responsibility to thoroughly vet them.
  I hope that my colleagues on the Homeland Security Committee will 
question each nominee on their position on TSP investment in China. Our 
Nation's military and civilian public servants have a right to know the 
nominees' views on this issue since the preservation of their 
retirement savings hangs in the balance.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  The PRESIDING OFFICER. The Senator from Maryland.
  Mr. CARDIN. Madam President, I ask that the order for the quorum call 
be rescinded.

[[Page S6546]]

  The PRESIDING OFFICER. Without objection, it is so ordered.

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