James48843
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Most of Biden's TSP Nominees Are Free to Be Confirmed,
Now That GOP Senators Have Lifted a Hold
The lawmakers changed course after the nominees committed to being “highly skeptical” of proposals to include Chinese investments in the Thrift Savings Plan’s offerings.
by Erich Wagner, govexec.com ---
Republican senators on Thursday announced that they had lifted their hold that had made it more difficult for President Biden’s nominees to the agency that administers the federal government’s 401(k)-style retirement savings program to advance. The announcement came after the nominees committed to being “highly skeptical” of changes that would introduce Chinese investments to the Thrift Savings Plan.
In April, Sens. Marco Rubio, R-Fla., Tom Cotton, R-Ark., and Tommy Tuberville, R-Ala., all placed holds on four nominees to the Federal Retirement Thrift Investment Board who have advanced out of committee: Leona Bridges, Stacie Olivares, Dana Bilyeu and Michael Gerber.
At the root of the senators' objection was concern that the nominees would revisit a controversial proposal to change the index upon which the TSP’s international (I) fund is based from the MSCI Europe Australasia and Far East Index to the more comprehensive MSCI All Country World ex-U.S. Investable Market Index, which includes investments in Chinese firms. In May 2020, the Trump administration pressured the TSP board to abandon implementation of a 2017 decision to shift the I Fund to the more comprehensive market index.
In a letter to the senators who had placed the hold on their nominations, Biden’s picks to run the Thrift Savings Plan sought to assuage this concern.
More: https://www.govexec.com/pay-benefit...med-now-gop-senators-have-lifted-hold/367748/
Now That GOP Senators Have Lifted a Hold
The lawmakers changed course after the nominees committed to being “highly skeptical” of proposals to include Chinese investments in the Thrift Savings Plan’s offerings.
by Erich Wagner, govexec.com ---
Republican senators on Thursday announced that they had lifted their hold that had made it more difficult for President Biden’s nominees to the agency that administers the federal government’s 401(k)-style retirement savings program to advance. The announcement came after the nominees committed to being “highly skeptical” of changes that would introduce Chinese investments to the Thrift Savings Plan.
In April, Sens. Marco Rubio, R-Fla., Tom Cotton, R-Ark., and Tommy Tuberville, R-Ala., all placed holds on four nominees to the Federal Retirement Thrift Investment Board who have advanced out of committee: Leona Bridges, Stacie Olivares, Dana Bilyeu and Michael Gerber.
At the root of the senators' objection was concern that the nominees would revisit a controversial proposal to change the index upon which the TSP’s international (I) fund is based from the MSCI Europe Australasia and Far East Index to the more comprehensive MSCI All Country World ex-U.S. Investable Market Index, which includes investments in Chinese firms. In May 2020, the Trump administration pressured the TSP board to abandon implementation of a 2017 decision to shift the I Fund to the more comprehensive market index.
In a letter to the senators who had placed the hold on their nominations, Biden’s picks to run the Thrift Savings Plan sought to assuage this concern.
More: https://www.govexec.com/pay-benefit...med-now-gop-senators-have-lifted-hold/367748/