ALG Thanks Sec. of Labor Scalia for Supporting Uyghur Muslims in China, Urges Action
Fairfax, Va– Today Americans for Limited Government President Rick Manning sent a letter to U.S. Secretary of Labor Eugene Scalia thanking him for recognizing the plight of the oppressed Uyghur Muslims in China on International Religious Freedom Day. Manning also urged further action by the Trump administration to ensure that U.S. investors are not unwittingly funding Chinese human rights abuses.
“The Labor Department has a fiduciary responsibility to end all private retirement investments in dangerous Chinese investments by amending the current pending “Financial Factors in Selecting Plan Investments” regulation to disqualify all companies that do not adhere to the transparency requirements of Dodd-Frank and Sarbannes-Oxley, and to divest the Pension Benefit Guaranty Corporation from China as well,” wrote Manning. “Chinese assets and other risky non-transparent assets that enslave our fellow man have no place in America’s retirement portfolios.”
Scalia noted in his statement to the press that “many people around the world do not enjoy the freedom to practice their faith, but instead face persecution for their religious beliefs. We particularly recognize the Uyghur Muslims and other religious and ethnic minorities in China who have been forced into state-sponsored labor and re-education camps by the Chinese Communist Party.”
The growing push to divest U.S. retirement accounts from non-transparent, child and slave-owning Chinese companies gained momentum last week when Sen. Kelly Loeffler (R-GA) sent a letter to the Department of Labor requesting the federal government block human rights-abusing companies from American investment eligibility.
“Based on the ongoing threat investments in these companies pose to American retirement security, I ask you to consider expanding existing regulations on fiduciary duties under the Employee Retirement Income Security Act (ERISA) to include a prohibition on investment in certain types of Chinese investment vehicles by private retirement plans subject to ERISA,” Loeffler wrote.
“Loeffler’s support is a game-changer because of her background in the financial sector and Wall Street,” added Manning. “She brings tremendous credibility to this issue and I hope other national leaders will take notice and join us in the calls to divest from China.”
Last month, the Department of Labor took steps to combat these exploitive labor practices by releasing its biennial list of goods produced under conditions of forced labor. China topped the list at 17 goods – four more than any other country. The list and the Department’s “Comply Chain” and “Sweat & Toil” smartphone apps, help governments, companies, and consumers fight back against abusive labor practices and, by doing so, protect individuals impressed into forced and child labor because of their religious beliefs.
In August, a top State Department official warned college and university governing boards served notice that the value of Chinese stocks and bonds are likely to be decline as a result of U.S. government action and that they should, therefore, divest from China.
In May, the Department of Labor halted all investing of federal Thrift Savings Plan (TSP) assets in Chinese companies. The TSP is a retirement savings and investment plan for federal employees and members of the uniformed services.
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