Missouri Treasurer works to stop state pensions from China, House Bill 977

CAPE GIRARDEAU, Mo. (KBSI) — Missouri State Treasurer Vivek Malek returned to his college stomping grounds Friday to push for House Bill 977 that would end Missouri’s public pensions from China, discussing both national security concerns and price production.

Giving a press conference at the Cape Girardeau County Courthouse, Malek discusses his support for House Bill 977, calling it a “once in a generation opportunity to correct the mistakes of decades past. ” Malek says, “In the 1970s, the US opened markets to China in hopes economic engagement would bring political reform.”

Malek says, “That promise has not been fulfilled. Instead, we are now faced with a regime that is increasingly hostile to American interests.”

Malek said that during his time serving on the Missouri State Employees’ Retirement System board, he began reviewing where taxpayer dollars were invested, and found just where the money is being invested.

“Over the last ten years, China based investments have underperformed compared to other emerging markets,” he said. “This isn’t just a political stance. It’s a financial decision. We’re not getting the best return on investment.”

House Bill 977 would restrict Missouri’s public pension funds from investing in Chinese owned or controlled entities. The bill has already passed in the House, and a version is currently being considered in the Senate.

As for how much money is involved, Malek says. “There are multiple retirement systems involved, so there isn’t an exact figure,” Malek said. “But we’re talking about hundreds of millions of dollars.”

Malek says that his goal is to safeguard retirees and taxpayers from financial and national security risks.

“China has targeted Taiwan, hacked our power grids, and infiltrated the emails of senior U.S. officials,” he said. “Why would we invest taxpayer money in a regime that works against us?”

He also discusses pension boards that have been slow to act.

“Some boards are just waiting for someone else to lead. That’s not leadership, that’s laziness,” he said.

Malek framed the bill as a step toward reinvesting in Missouri’s economy and workforce.

“This is about protecting the future of those who serve us, teachers, law enforcement, local employees,” he said. “They deserve to know their money isn’t entangled with an adversarial regime.”

The bill now awaits further debate as it moves through the legislative process. Malek asked lawmakers to look into the urgency of the issue.

“We want all legislators to understand this is crucial,” he said. “It’s about protecting Missouri’s financial future.”

Malek wants to help protect the 3 P’s that he’s worked towards since he stepped into office. Step one continues to be protect tax payers dollars.