The Labor Department is pressuring the overseer of the federal government’s $594 billion Thrift Savings Plan, the nation’s largest 401(k)-type plan, to cancel a plan that would allow investment in Chinese stocks. In a letter on Monday to the chairman of the board that oversees the TSP, Michael Kennedy, Labor Department Secretary Eugene Scalia said, “at the direction of President Trump, the Board is to immediately halt” steps to give 5.9 million federal workers and retirees the option to invest in Chinese stocks.

Source: Wall Street Journal May 12, 2020 22:18 UTC