West Virginia State Treasurer Larry Pack plans to propose a policy to divest from Chinese-owned companies during the Board of Treasury Investments meeting on February 25. The proposed policy would prohibit investments from entities affiliated with the Chinese government. Pack aims to protect state funds and ensure responsible financial management for West Virginians.
State Treasurer Larry Pack, serving as Chairman of the West Virginia Board of Treasury Investments, intends to propose a policy aimed at divesting from Chinese-owned companies. The Board manages over $10.5 billion in operating funds for state and local governments. Pack expressed his commitment to responsibly manage citizens’ funds and indicated that West Virginia must take a strong stance against investments in nations regarded as adversarial.
At the upcoming Board meeting on February 25, Treasurer Pack will recommend a Prohibited Foreign Investments Policy. Should the Board approve this policy, it will prohibit direct investments from entities associated with the People’s Republic of China, its Communist Party, the Chinese military, and any related organizations. In instances where a Chinese company is identified, the Board will create a divestment plan to be enacted as soon as feasible.
In addition, Treasurer Pack plans to introduce a similar policy in his capacity as Chairman of the West Virginia Investment Management Board later this year. This initiative aims to safeguard the state’s long-term investments and the pensions of West Virginians from potential involvement with the Chinese government. Pack is committed to ensuring that taxpayer funds are not allocated to financial assets associated with the Chinese government.
Former State Treasurer Riley Moore previously secured approval from the West Virginia College and Jumpstart Savings Program Board of Trustees to divest China investments from the SMART529 Select Plan, which offers direct-sold qualified tuition plans nationwide. The forthcoming quarterly meeting on February 25 will address these pressing issues regarding Chinese investments.
In summary, Treasurer Pack’s proposed policies reflect a decisive shift towards disassociating West Virginia’s investments from Chinese-owned entities. By prioritizing the economic interests of the state and its citizens, these initiatives underline a commitment to responsible financial management and national integrity in investment practices.
Treasurer Larry Pack’s initiatives represent a strategic effort to eliminate investments in Chinese-owned companies from West Virginia’s financial portfolio. The proposed divestment policies align with broader trends in governmental investing and prioritize national interests. By ensuring state funds are directed towards reputable assets, the Treasurer aims to foster trust and security for the citizens of West Virginia regarding their investments.
Original Source: tristatealert.com
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