Washington, D.C. - Congressman Jim Banks (R-IN) introduced legislation that would prevent Thrift Savings Plan (TSP) funds from being invested in Chinese and Russian companies. The TSP is the principal retirement plan for Federal Government employees and has a total investing power of over $550 billion.

Said Rep. Banks, “The governments of Russia and China have a long history of malicious activity against the United States. If we are to confront the growing threats from these hostile countries, we should not be supporting their economies financially. This common-sense legislation would prevent federal money from entering countries that are actively attempting to undermine our global leadership.”

The Thrift Savings Plan (TSP)’s International Stock Index Investment Fund (I-Fund) is designed to diversify investor portfolios to include companies from outside of the United States.