CalPERS CIO under fire over alleged ties with China
Rep. Jim Banks, (R-Ind.), argue $3.1 billion from CalPERS, the largest state pension fund in the country, has been invested in many different blacklisted Chinese companies that make military equipment.
Rep. Jim Banks, R-Ind., joined "Mornings with Maria" to explain why he wrote a letter to California Gov. Gavin Newsom highlighting his concerns about the state public pension fund's chief investment officer having ties to China.
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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.
"If this were up to me, I would fire [Chief Investment Officer Yu Ben Meng] immediately because of these suspicious ties," he said. "We learned that Mr. Meng, who is the chief investment officer of CalPERS, was actually recruited to this position by the [Chinese Communist Party] through something called the Thousand Talents Program. Now he's denied it."
HUAWEI EXEC DENIES US INTELLIGENCE ON CHINA BACKDOOR ACCESS
CalPERS stands for the California Public Employees' Retirement System, the largest public pension fund in the nation.