The New York Times Quotes Clete Willems on Federal Retirement Fund’s Deferral of Chinese Investments

The New York Times has quoted Akin Gump public law and policy partner Clete Willems in the article “Federal Retirement Fund Halts Planned China Investment Under Pressure.” The article reports that the Federal Retirement Thrift Investment Board, which manages the retirement fund for current and former federal employees, has halted plans to invest in Chinese stocks amid criticism that doing so would direct the savings of government workers to companies that are working against the national security goals of the United States.

The Times says the decision comes as the Trump administration takes a sharper tone toward China, blaming Beijing for concealing the origins of the coronavirus epidemic. President Trump, the article notes, has also grown more critical of the trade deal he signed with China in January.

Willems said the decision “may just be the start of a broader reassessment about the risks of investing in China. It will be difficult for China to address the national security concerns for all of its companies,” he continued, “but China should at the very least open up the books and records of its companies to U.S. regulators to alleviate the financial ones.”