53 min in
Congressman Calls on California to Fire Pension Official Tied to Chinese Spy Program
Fund manager has poured millions into regime-linked companies
“A Republican lawmaker urged California to fire a top pension fund official because he participated in a Chinese program that the FBI has called “non-traditional espionage against the United States.”
Rep. Jim Banks (R., Ind.) asked Gov. Gavin Newsom to investigate Yu Ben Meng, the chief investment officer at California Public Employees’ Retirement System (CalPERS), for his “long and cozy relationship” with the Chinese Communist Party. The letter also decried CalPERS’s investment in Chinese companies that built up the regime’s military presence in contested waters of the South China Sea and produced surveillance equipment used for China’s brutal crackdown in Xinjiang.”
“Yu, a U.S. citizen born in China, returned to CalPERS after more than three years as the deputy CIO at the State Administration of Foreign Exchange (SAFE), the largest asset pool in the world with assets under management of over $3 trillion U.S. dollars.”
“The State Administration of Foreign Exchange (SAFE) of the People’s Republic of China is an administrative agency under the State Council tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign-exchange reserves, which at the end of December 2016 stood at $3.01 trillion for the People’s Bank of China. The current director is Pan Gongsheng.”
Good read that ties into and even talks about this very issue.
It should be required reading, in my opinion.