The TSP Fiduciary Security Act would require the agency that administers the federal government’s 401(k)-style retirement savings program to consider national security issues as part of its decision-making process.
A Republican senator last week reintroduced legislation aimed at preventing the federal government’s 401(k)-style retirement savings program from investing in Chinese corporations.
The TSP Fiduciary Security Act (S. 149), sponsored by Sen. Marco Rubio, R-Fla., requires the Federal Retirement Thrift Investment Board, which administers the Thrift Savings Plan, to consider national security matters as part of its fiduciary duty to participants, and specifically bars the TSP from investing in “Communist Chinese military companies.”
The bill would also subject the TSP board’s decisions to a review process before the Labor secretary, who would consult with the Defense, Homeland Security and Treasury secretaries and the attorney general for potential national security concerns.
