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View Full Version : Trump orders federal retirement money invested in Chinese equities to be pulled




Swordsmyth
05-11-2020, 09:22 PM
President Trump is moving to cut investment ties between U.S. federal retirement funds and Chinese equities, FOX Business has learned in a move that is tied to the handling of COVID 19.

In the first letter written Monday, obtained exclusively by FOX Business, national security adviser Robert O’Brien and National Economic Council Chair Larry Kudlow write to U.S. Labor Secretary Eugene Scalia stating that the White House does not want the Thrift Savings Plan, which is a federal employee retirement fund, to have money invested in Chinese equities that numbers about $4 billion in assets.

It says the Federal Retirement Thrift Investment Board is “Departing from the Board’s established index for the International Stock Investment Fund (I Fund) to track one that maintains Chinese equities is risky and unjustified." The letter directly links China’s handling of COVID-19 as one of several reasons why investment in Chinese companies should not occur.

In the second letter, Scalia writes to Michael Kennedy, the chairman of the Federal Retirement Thrift Investment Board, sharing the Kudlow/O’Brien letter noting the two have “grave concerns with the planned investment on grounds of both investment risk and national security.”

More at: https://www.foxbusiness.com/markets/trump-orders-federal-retirement-money-invested-in-chinese-equities-to-be-pulled

enhanced_deficit
05-11-2020, 09:31 PM
This is huge, if confirmed could cause 1000 points drop in China markets on open tomorrow.

Quite bold also and almost historic move by DJTvsg. From America-First and economic leadership standpoint, probably one of the most far reaching flip-flops done by politician of eaither party in a long time.


President Trump Puts 'America First' On Hold To Save Chinese Jobs

Donald J. Trump @realDonaldTrump
May 13, 2018
President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done.




That was before his admired genius opened a new Tesla factory in China in Jan 2020.