Consultant Jim Banks (R., Ind.) sent a letter to California Governor Gavin Newsom on Wednesday urging the firing of California’s community pension chief investment decision officer owing to his participation in Beijing’s “Thousand Skills Method.”
Yu Ben Meng — a U.S. citizen who emigrated from China at 25 to go to the College of California, Davis — assumed his part as CIO of California General public Employees’ Retirement System (CalPERS) in January 2019, right after very first operating there in 2008. CaIPERS is the largest public pension fund in the region, with about $360 billion in property.
But Banking companies warned that Meng’s work deserved even more scrutiny.
“We located Chinese newspaper articles that take credit score for him remaining in the posture that he’s in at the moment,” Banks told Fox Company host Maria Bartiromo.
The CIO of the major pension fund in the US enrolled in China’s “1,000 Abilities Method”-which is explained by the FBI as an “unofficial espionage” arm of #CCP.
We finally have an admin that stands up to China-in the meantime nearby/condition govs are obtaining far more entangled. Unacceptable! pic.twitter.com/Ffop60Nt8T
— Jim Banks (@RepJimBanks) February 13, 2020
In amongst his two stints at CalPERS, Meng worked for a few years, starting in 2015, as deputy CIO with China’s Condition Administration of Overseas Trade (Protected), which oversees China’s U.S. Treasury security holdings.
A 2017 report in China’s People’s Every day asserts that Meng was then recruited to the position at Protected by Beijing’s Thousand Talents System, which provides funding to U.S. citizens in trade for data. “In human lifestyle, if there is an prospect to serve the motherland, such duty and honor can’t be compared to anything at all,” Meng informed the paper.
“Governor Newsom, if it were up to me, I would fireplace Mr. Meng straight away,” Banking companies wrote in the letter. “At the least, I feel a thorough investigation of Mr. Meng’s partnership to the Chinese Communist Bash and a comparison of CalPERS investments in Chinese companies in advance of and after Mr. Meng’s 2008 employing are the two warranted.”
CalPERS CEO Marcie Frost defended Meng in a statement to Reuters.
“This is a reprehensible attack on a U.S. citizen. We totally stand behind our Chief Investment Officer who arrived to CalPERS with a stellar global popularity,” she mentioned.
Banks states that economic records present billions of California pension pounds invested in Chinese holdings, a truth pointed out by secretary of state Mike Pompeo in the course of a speech on Sunday.
“California’s pension fund . . . is invested in providers that supply the People’s Liberation Military (PLA) that places our soldiers, sailors, airmen, and Marines at risk,” Pompeo stated.
In November, a senior FBI formal admitted that the U.S. government experienced not been proactive in protecting against “Thousand Talents” individuals from impacting the American academy, after a bipartisan Senate report accused federal agencies of failing to halt the systematic exploitation of U.S. analysis by Beijing. The head of Harvard University’s chemistry division was billed in January with hiding his participation in the strategy from officials in the Defense Division and the Nationwide Institutes of Overall health.