WASHINGTON, D.C.–China has managed to infiltrate the American pension system and is using American money to fund its military, says Rep. Jim Banks (R-Ind.). He says California can do something about it immediately and is calling on Gov. Gavin Newsom to cut ties with China.
“CalPERS (The California Public Employees Retirement System) is investing in Chinese military shipbuilding and naval bases through this investment fund,” said Banks, appearing on Fox News.
Banks said CalPERS, under the direction of Chief Investment Officer Yu Ben Meng, has put over $3 billion into Chinese companies.
Banks said he is particularly offended because, in his service on the House Armed Services Committee, he’s been a part of rebuilding the U.S. military through large investments of American tax money. For one of the largest pension funds in America to have its money invested in the Chinese military is unconscionable, he said.
“They’ve invested in a company called Hikvision, which is a company that’s developed some technologies used to spy on and persecute the Uyghur Muslim population through different types of surveillance technologies,” said Banks. “That’s what the California public pension fund is being used for. I believe it’s a travesty and I’ve called on Gov. Newsom to do something about it.”
Banks said he’s concerned that plans all over the country may have Chinese investments.
“It’s happening even in the Thrift Savings Plan, which is the federal pension plan.”
Banks, Tweeting about coronavirus, said he believes American companies should rethink their ties.
“We’re learning that President Xi knew about coronavirus two weeks before he publicly addressed the issue. If he spoke sooner, how many more lives would’ve been saved? Would we be facing the same scale of an emergency?”