STATEHOUSE (April 25, 2023) – Legislation sponsored by State Rep. Chris Judy (R-Fort Wayne) to prevent Indiana's public retirement funds from supporting Chinese government controlled companies could soon be law.
Senate Enrolled Act 268 would prohibit the Indiana Public Retirement System from investing in companies that are controlled by the People's Republic of China or the Chinese Communist Party. Currently, Indiana has over $1 billion from its public retirement system invested in companies linked to Chinese Communist Party interests. Judy said the CCP is a national security threat and the FBI reported on their efforts to steal intellectual property, conduct cyber espionage and coordinate with other countries to develop a global currency that's less reliant on the U.S. dollar.
"The Chinese Communist Party continues to demonstrate a willingness to spy on the U.S. and other countries, and commit brazen acts of sabotage to dominate economically and militarily," Judy said. "Until they show a willingness to commit to transparency and follow the rules democratic countries already do, Indiana should take whatever steps are possible to protect our interests from their interference."
INPRS manages the pension funds for Indiana's state employees, teachers, state law enforcement officers, public officials and others. The state has $40 billion in pension assets under management, which are invested for the exclusive benefit of its more than 500,000 members and their families.
Under this legislation, Indiana would gradually divest from any confirmed Chinese government controlled companies over five years. The legislation would also require INPRS to submit a report to the General Assembly on which Chinese entities and investment funds are restricted or exempted to provide more oversight by lawmakers.
To follow legislation considered for new laws by the governor, visit in.gov/gov/newsroom/2023-bill-watch/.
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State Rep. Chris Judy (R-Fort Wayne) represents House District 83,
which includes portions of Allen and Whitley counties.
Click here to download a high-resolution photo.
