More Warnings of U.S. Dependence on Goods Produced in China, and CalPERS Investments in China’s Military

Last month, California Globe reported about Rep. Jim Banks’ (R-IND) letter to sent California Governor Gavin Newsom, calling for the investigation of the CalPERS Chief Investment Officer Yu Ben Meng, for his “long and cozy relationship with China.”

The California Public Employees’ Retirement System is the largest public pension fund in the nation. “The fund has invested $3.1 billion in Chinese companies, some of which have been blacklisted by the U.S. government,” Banks told FOX Business’ Maria Bartiromo.

In a Tweet, Banks wrote:

More recently, with the outbreak of Coronavirus which originated in China, which was dishonest about the timing of the spread of the disease, Rep. Jim Banks has called for the United States to reduce its dependence on important goods and products from China, such as pharmaceuticals.

Banks also told Tucker Carlson, President Donald Trump should force China to pay for the cost of Coronavirus in the U.S. One option is for China to erase the U.S. debt owed to China. Banks said he would be introducing legislation in conjunction with the Trump administration.

Banks said the U.S. Veterans Administration and Department of Defense immediately needs to stop buying medical equipment from China, which he refers to as “our chief global rival.”

Recently, Robert O’Brien, Assistant to the President for National Security Affairs, spoke to a Heritage Foundation event about about his current work to streamline the National Security Council, make information coming to the President more focused and relevant, and the implementation of security decisions more timely and effective.

During his talk, an audience member asked him about the issue of security from American dependence on China for so many products, as well as CalPERS’ investment in China’s military.

O’Brien said his agency is “taking a look at why we are sending American capital to a country popping out a couple of destroyers and frigates every month.”

“I don’t see why we should be underwriting China’s defense and industry. I’d rather underwrite the U.S. Defense industry with our retirees’ money,” he added.

You can watch O’Brien’s talk at the link below. Jump ahead to the 40:00 mark for the discussion about China and CalPERS.