The United States needs a "real wake-up call" when it comes to a plan to invest money from military retirement plans into the Beijing stock market, as that money is going to companies that are providers for the Chinese military at a time when the Chinese Communist Party is in a "Cold War" with the United States, Rep. Michael Waltz said Thursday.
"The Chinese Communist Party, I'm not talking about the Chinese people but the Communist Party, is not our friend," the Florida Republican said on Fox News' "America's Newsroom." "They seek to dominate the United States in a new world order with us subservient to them and that is in the words of their leadership. They need to do it economically before they do it militarily and again, I don't think Americans, particularly some in the financial community, are thinking about it like they thought about the Soviet Union and the Cold War. We are absolutely in one."
Waltz last week introduced legislation that would ban the Federal Retirement Investment Board (FRTIB) from steering military and federal employees’ retirement contributions to China.
He said Thursday all five members of the board were appointed by former President Barack Obama.
The money being invested goes into a Thrift Savings Plan, which is a 401K-style plan for members of the military and federal employees. The FRTIB manages the money, and the plans for the fund, with $50 billion in assets, is invested worldwide, including in China.
"The Beijing Stock Exchange funds companies that are building ships, planes, conducting espionage, and oppressing the Chinese people," said Waltz. "I've talked to the White House about it and I'm hoping the president will soon seek to stop it on his end as well."
He also pointed out that with the Thrift Savings Plan, there is a taxpayer-funded match to contributions as well.
"I want people to make money, but I draw the line when it comes to national security," he said.