GOP Senator Says Retirement Exemption Rule Would Empower China

Foreign governments may take advantage of a proposed US Labor Department policy that would allow countries like China to effectively block American financial institutions from managing domestic retirement assets, according to Senate Republicans.

The DOL’s Employee Benefits Security Administration is preparing to finalize a new regulation that would prohibit companies from taking advantage of key employee benefits law exemptions if they’ve been convicted of felony-level financial crimes or agreed to deferred- or non-prosecution agreements in foreign countries.

Sen. Bill Cassidy, ranking member of the Committee on Health, Education, Labor, and Pensions, sent acting Labor Secretary Julie Su a scathing ...