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"That's what we're thinking about," O'Brien said in response to a question from the heritage foundation, a conservative think tank. "For US investors, it's about security."
CalPERS is the largest public retirement fund in the United States, which manages retirement and health benefits for more than 1.6 million California public employees, retirees and their families.
"Some of CalPERS's investment policies are very worrisome," O'Brien said. "It's terrible for some people to rely on pension funds to invest in companies that do not follow GAAP accounting standards and report requirements that are different from those of US companies."
Representative Jim banks last month called on California to fire Yu Ben Meng, the fund's chief investment officer, saying it had a "long-term and harmonious" relationship with the Chinese authorities. Banks also questioned the fund's investment in Chinese companies.
"At the very least, I think we should thoroughly investigate Mr. Meng Yu's relationship with the Communist Party of China and compare the difference between CalPERS' investment in Chinese enterprises before / after his employment in 2008." Republican banks wrote to California governor Gavin Newsom.
According to CalPERS, Meng Yu was born in China and has U.S. citizenship. He has been employed twice by CalPERS for the first time since 2008, and for the second time since January 2019 as CIO managing $400 billion in investment.


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