Center Executive Chairman, Frank Gaffney, joins Alex Marlow on Breitbart News Daily to discuss the Thrift Savings Plan, China and more....(read more)
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President Donald Trump's decision to change the Thrift Savings Plan (TSP) has been met with mixed reactions from the public. Some believe that the changes are necessary to protect the retirement savings of federal employees, while others argue that the changes are unfair to those who rely on the plan for their retirement income. General Counsel of the Federal Retirement Thrift Investment Board (FRTIB), Kim Weaver, recently spoke out about the TSP changes in an interview with the Federal News Network. Weaver explained that the changes stem from a 2017 law that required the FRTIB to change the index that the TSP uses to invest in international stocks. According to Weaver, the previous index, the MSCI Europe, Australasia, and Far East (EAFE), had been used since the creation of the TSP in 1986. However, she explained that the FRTIB decided to change to a new index, the MSCI All Country World ex-U.S. Investable Market Index (ACWI ex-US IMI), in order to better diversify the TSP's investments and improve returns for federal employees. But why has President Trump intervened in this decision? Republican lawmakers had raised concerns about the new index, stating that it could lead to investments in Chinese state-owned companies that are involved in the country's human rights abuses. President Trump subsequently signed an executive order that directed the FRTIB to reverse its decision to invest in the new index. Tom Gaffney, a spokesman for the FRTIB, explained in an interview with the Washington Times that the board is currently reviewing the executive order and considering its options. He also noted that some federal employees have expressed concern about the decision, as it could potentially harm the returns on their retirement investments. Critics of President Trump's decision argue that it is politically motivated and could harm the retirement savings of federal employees. However, supporters of the decision maintain that it is necessary to protect the human rights of Chinese citizens and ensure that federal employees are not investing in companies that support these abuses. At the end of the day, the decision to change the TSP's investment strategy is complex and has a variety of political and economic factors at play. As this issue continues to develop, it will be important for both federal employees and lawmakers to carefully consider the potential impact of any changes to the plan. https://inflationprotection.org/explanation-of-president-trumps-thrift-savings-plan-decision-by-gaffney/?feed_id=91652&_unique_id=644954b0dc27d #Inflation #Retirement #GoldIRA #Wealth #Investing #china #chinese #coronavirus #donaldtrump #PresidentTrump #thriftsavingsplan #ThriftSavingsPlan #china #chinese #coronavirus #donaldtrump #PresidentTrump #thriftsavingsplan
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