TSP Board Delays International Fund Change Amid White House Pressure

The Federal Retirement Thrift Investment Board, which governs the federal government’s 401(k)-style retirement savings program, on Wednesday voted unanimously to postpone implementation of the decision to shift the Thrift Savings Plan’s international (I) fund investments to a broader index of emerging markets under pressure from the White House.

Some lawmakers and China policy hawks had been lobbying the Trump administration for months to force the TSP to cancel its planned move from the MSCI Europe, Australasia and Far East Index to the more comprehensive MSCI All Country World Ex-US Investable Market Index, because the new index includes some Chinese companies. That effort culminated in President Trump naming nominees to replace three of the five sitting board members last week, and an order Monday from National Economic Council Director Larry Kudlow, National Security Adviser Robert O’Brien and Labor Secretary Eugene Scalia to halt the change.

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