The Federal Retirement Thrift Investment Board, which manages the retirement funds of six million members of the U.S. military and federal civilian workforce through a Thrift Savings Plan (TSP), has taken action to confirm it contained no Russian investment in response to a bill proposed by Rep. Ted Budd (R-NC) orders TSP to divest of ‘Putin’s Russia’.
“I am pleased to have received confirmation that the pension funds of our military and federal personnel are not being invested in Putin’s Russia. Vladimir Putin’s Russia is not a force for good in the world, and we must continue to take action to prevent Putin from continuing his barbaric war against Ukraine,” the member of the Congress and US Senate candidate backed by Trump. News Network Report.
Budd first introduced the Terminating Securities from Putin Act of 2022 or the TSP Act of 2022 to the House on March 17. The bill would direct that no fund established or supervised by the Federal Retirement Thrift Investment Board (the board in charge of the TSP) “may include an investment in any security of an entity based in the Russian Federation.”
No later than 30 days after the bill is passed, the council would be required to review whether any TSP funds are being invested in Russia, dispose of those monies, and then reinvest them in a way that does not violate the law. , according to the bill. text. The legislation would also prohibit the investment of TSP funds in Russian-based entities through the TSP mutual fund window.
The TSP is a tax-deferred retirement savings and investment plan that provides federal employees with tax savings and benefits similar to those that many private companies offer employees through 401(k) plans.
In 2017, the board planned to replace the International Stock Index Investment Fund (I-Fund) with the MSCI ACWI ex USA Investment Market Index, which includes Russian investments, according to Budd’s office. Former President Donald Trump eventually postponed the change, but there is currently no federal ban to ensure TSP remains ceded to Russia.
Budd’s confirmation comes shortly after his establishment-backed US Senate competitor, former North Carolina Governor Pat McCrory (right), accused him in a political attack ad of being “friendly to Russia”. At the time, Budd’s office refuted the claim, saying “serious times demand strength, not the empty phrases favored by career politicians like Biden and McCrory…”
Budd has sponsored several bills over the past month to crack down on Russia, including the “Russian Oil Import Ban Act,” the “Accelerating Natural Gas Exports to Allies Act,” and others.
Katherine Hamilton is a political reporter for Breitbart News. You can follow her on Twitter.