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Garten: Bill mandating divestment from Chinese Communist Party interests passes committee unanimously

FOR IMMEDIATE RELEASE
Contact: Kellyn Harrison, Press Secretary

kellyn.harrison@iga.in.gov
317-232-9498

Garten: Bill mandating divestment from Chinese Communist Party
interests passes committee unanimously

STATEHOUSE (Jan. 27, 2023) — A bill authored by State Sen. Chris Garten (R-Charlestown) that would protect Hoosier investments passed the Senate Committee on Pensions and Labor this week by a bipartisan vote of 10-0.

Senate Bill 268 would prohibit the Indiana Public Retirement System (INPRS) from investing in companies controlled by the People's Republic of China or the Chinese Communist Party and creates a five-year divestment plan from these interests.

The State of Indiana currently has over $1 billion invested in Chinese Communist Party interests. In researching the issue, Garten found that several of his own constituents were "startled and appalled" to learn that Hoosier pension funds were invested in Chinese Communist Party interests.

"Addressing Americans' involvement with the Chinese Communist Party is an issue of national security that continues to garner state and national bipartisan support," Garten said. "It is important to protect Indiana's economic foundation and Hoosiers by ensuring their hard-earned money is being kept close to home instead of in the hands of adversarial states."

In his presentation of SB 268, Sen. Garten walked the committee members through an extensive list of threats these investments pose to Hoosiers, including financial vulnerability and unintended sponsorship of human rights violations. Citing a 2019 report published by the FBI and a 2022 report published by the United Nations, Garten detailed some of the atrocities committed by the Chinese Communist Party in recent years, including cyber warfare, espionage and the continued persecution of the Uyghur people.

"We have to acknowledge that any investment in China is a monetary endorsement of human rights violations and it is time for the General Assembly to take action," Garten said.

As indicated by the bill's unanimous vote out of committee, acknowledgment of the threat the Chinese Communist Party presents to the United States is an issue that garners bipartisan support. Earlier this month, all nine members of Indiana's congressional delegation voted in support of Congress creating a House-Select Committee on China.

"It is time for the Indiana General Assembly to take a stand on this issue that impacts not only Hoosiers, but all Americans," Garten said.

SB 268 will now be recommitted to the Senate Committee on Appropriations for further consideration. To learn more about the bill, click here.

INPRS manages the pension funds for Indiana's state employees, teachers, state law enforcement officers, public officials and others.

Legislative calendars, agendas, vote tallies, live streams and proposed legislation can be viewed online by visiting iga.in.gov.

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State Sen. Chris Garten (R-Charlestown) represents Senate District 45,

which includes Clark County and portions of Floyd County.

Click here to download a high-resolution photo.