The group, led by Republican Senator Marco Rubio, say the bill is aimed at reversing a decision to allow federal employees and military service members to invest their retirement savings in a fund that includes China-listed stocks.Amid heightened U.S.-China trade tensions and efforts to limit the flow of U.S.
In November 2017, the Federal Retirement Thrift Investment Board, an independent government agency that oversees the federal retirement plan, decided to shift the index it uses for its international stock investment fund to the broader MSCI All Country World ex-U.S. Investable Market Index, which represents 99per cent of the international equity market and is 7.5per cent weighted to Chinese companies.
The bill attempting to block that move was offered up by a group of Republican and Democratic lawmakers, including Democratic senators Kirsten Gillibrand and Jeanne Shaheen, and Republican senators Rubio and Mitt Romney, who was the Republican Party's nominee for president in 2012. Representative Mark Meadows, a staunch conservative and ally of President Donald Trump, is offering the same bill in the U.S. House.The FRTIB administers the Thrift Savings Plan , a retirement savings plan similar to a 401, for federal employees and members of the military. As of July 2019, the TSP had US$599.5 billion in assets, which are owned by the plan's participants, who choose which of the TSP's funds they want to invest in.
The FRTIB is set to discuss its decision at its Nov. 13 meeting and plans to review the legislation, a spokeswoman said.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thenewpaper - 🏆 7. / 63 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: TODAYonline - 🏆 1. / 99 Read more »