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GovCon Expert William Boykin: Federal Thrift Savings Plan’s New Investment Window
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GovCon Expert William Boykin: Federal Thrift Savings Plan’s New Investment Window

(The opinions expressed here are those of the author and do not necessarily reflect the views of Executive Mosaic, its newsroom, or any of its affiliates)

NO T.S.P. FOR THE C.C.P.

By Lieutenant General William “Jerry” Boykin, (U.S. Army, Ret.)

As things stand now, the people who manage our federal retirement funds will mark Memorial Day with an egregious act of betrayal of our men and women in uniform, past and present, and their civilian colleagues. Based on my own experience serving our country, I think what they are doing by surreptitiously arranging for participants in the Thrift Savings Plan unwittingly to invest in companies owned or controlled by the Chinese Communist Party (CCP) is tantamount to treacherous sedition.

On May 24th, I joined five prominent retired military leaders in warning the Federal Retirement Thrift Investment Board (FRTIB) that, in “our professional judgment…mutual funds with such companies in the portfolio must be excluded from the Mutual Fund Window that the Thrift Savings Plan expects to open to
federal retirees [on June 1st].

We observed that: 

Under Chinese law, all PRC companies are obliged to assist the Party and its People’s Liberation Army (PLA) whenever asked to do so. Worse yet, some of those Chinese corporations listed or traded in our capital markets actually work directly for the PLA. It is completely unacceptable that our servicemen and women, past and present – or, for that matter their civilian counterparts among the federal workforce – might be put in a position where their investments may help acquire weapons intended to kill them.

We called on the Federal Retirement Thrift Investment Board (FRTIB) “to refrain from opening mutual funds to TSP participants’ investments unless and until you have ensured than none of such investments will help enrich, enable or empower the Chinese Communist Party.”

Our bottom line is one that I am convinced the vast majority of Thrift Savings Plan participants – if not, as I would hope, every one of them – would strongly endorse: “The government of the United States should be precluding any underwriting of the CCP’s ominous military build-up and human rights abuses, not legitimating and facilitating them.”

This is not the first time the FRTIB and its lead fund-manager, Larry Fink’s BlackRock, have tried to help the Chinese Communists to gain access to our federal employees’ retirement savings. They attempted in 2020 a relatively above-board effort to the same end by switching the only option for international TSP investing to an index fund whose portfolio was substantially made up of CCP corporations. To his credit, President Trump personally intervened to block that gambit.

So, now the TSP fund managers have stealthily conjured up a far less transparent scheme, whereby participants are invited to put up to 25% of their retirement investments in one or more of perhaps as many as 5,000 mutual funds. While the FRTIB will not reveal which of such mutual funds it is offering – and, thereby, at least implicitly legitimizing and endorsing as prudent investments, it is widely expected that many will have problematic Chinese companies in portfolios. Yet, the TSP managers have said that they will not be making transparent the funds that include such companies and which ones.

Apart from the fiduciary irresponsibility of such an arrangement, there’s another factor that should concern every TSP participant still working in a sensitive position with or for the federal government: Professional harm could be done to government employees with security clearances if they wind up having what would rightly be deemed to be, at a minimum, a conflict of interest by dint of their investments in what has emerged as our greatest enemy of all time.

For these reasons, I urge Thrift Savings participants and other patriotic Americans to take a stand at once and express righteous indignation about the Federal Retirement Thrift Investment Board’s insidious, and potentially dangerous, help to the Chinese Communist Party. You can do so quickly and easily with your own elected representatives and with the FRTIB Board at www.NoTSPforCCP.org.

Please, do it today.

Lieutenant General William “Jerry” Boykin capped a highly decorated 36-year career in the U.S. Army, including service as the commander of its elite Delta Force special operations unit and as the deputy undersecretary of defense for intelligence.

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Federal Reserve Board’s Lael Brainard Testifies on Emergent Digital Financial System
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Federal Reserve Board’s Lael Brainard Testifies on Emergent Digital Financial System

Lael Brainard, vice chair of the Federal Reserve Board, told the House Financial Services Committee that she believes a central bank digital currency, stablecoins and commercial bank money could exist together in the future financial system.

Brainard said in her written testimony published Thursday that establishing a CBDC to complement cryptocurrencies would offer “a safe central bank liability in the digital financial ecosystem, much like cash currently coexists with commercial bank money.”

Conservative investors may find a CBDC attractive in stressful times and the potential wide availability of a digital banknote can possibly lower aggregate banking deposits, the Fed official added.

She proposed offering zero interest-bearing accounts or imposing consumer limitations if the Fed decides to move forward with CBDC development as part of risk mitigation measures.

Navy Commissions Fast-Attack Submarine USS Oregon
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Navy Commissions Fast-Attack Submarine USS Oregon

The U.S. Navy has commissioned USS Oregon (SSN 793), a Block IV Virginia-class fast-attack submarine, during a ceremony at Naval Submarine Base New London, marking the first time the service branch held an in-person submarine commissioning event since 2019.

The fast-attack submarines like USS Oregon are developed to meet the Navy requirements for sea control, power projection, forward presence, maritime security and deterrence as part of its maritime strategy, the service branch said.

In addition, Block IV Virginia-class subs undergo smaller-scale design changes for increased component-level lifecycle, enabling the Navy to expand the periodicity between depot maintenance availabilities while boosting deployment numbers.

The traditional ceremony held Saturday was attended by Gov. Kate Brown of Oregon; Tommy Ross, performing the duties of assistant secretary of the Navy for research, development and acquisition; Adm. Frank Caldwell, director of the Naval Nuclear Propulsion Program; Cmdr. Lacy Lodmell, commanding officer of USS Oregon; and other officials and personnel, according to the service branch.

“Oregon and the other Virginia-class submarines will not only sustain, but exploit our edge in undersea warfare,” remarked Caldwell during the commissioning ceremony.

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Senate Confirms Lt. Gen. Timothy Haugh as Cybercom Deputy Commander
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Senate Confirms Lt. Gen. Timothy Haugh as Cybercom Deputy Commander

Lt. Gen. Timothy Haugh, commander of the 16th Air Force, was confirmed by a voice vote in the Senate Thursday to become the next deputy commander of U.S. Cyber Command, C4ISRNET reported Friday.

He was nominated by President Biden to the No. 2 post at Cybercom one month ago and will succeed Lt. Gen. Charles Moore, who has held the role since September of last year.

Haugh has led the information warfare-focused numbered AF since October 2019. In his current capacity, he oversees more than 44,000 personnel who support the delivery of intelligence, surveillance and reconnaissance data to the military service and the operations of the branch’s portion of the global Department of Defense network.

His previous assignments include leadership of the 25th Air Force, the Cyber National Mission Force and the 480th ISR Wing.

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DOE to Fund Decarbonization Pilot Projects at 4 National Labs; Jennifer Granholm Quoted
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DOE to Fund Decarbonization Pilot Projects at 4 National Labs; Jennifer Granholm Quoted

The Department of Energy has announced $38 million in funding to support decarbonization projects at four national laboratories as part of the Net Zero Labs Pilot Initiative that seeks to support the White House’s goal of achieving net zero emissions by 2050.

The funding recipients are Idaho National Laboratory, National Energy Technology Laboratory, Pacific Northwest National Laboratory and the National Renewable Energy Laboratory, DOE said Wednesday.

“Transitioning to a net-zero future will require slashing carbon pollution across all industries — from shipping to manufacturing to construction, and even the operation of our national laboratories,” said Energy Secretary Jennifer Granholm. 

“DOE’s National Labs are leading by example to address some of the most energy-intensive, hardest-to-decarbonize federal facilities to reduce our nation’s carbon footprint — mitigating the disastrous impacts of climate change, lowering energy costs, and supporting the growing clean energy workforce,” added Granholm.

Pacific Northwest National Laboratory, for instance, is developing software, algorithms and other methods to enable optimized operation of energy assets and advance clean energy adoption.

DOE said it expects the platforms that will come out of the NZL Pilot program to be replicated at other facilities of the department, federal agencies and local and state governments.

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GovCon Expert Jim McAleese Offers Analysis of DOD’s FY 2023 Budget Request, Funding Growth
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GovCon Expert Jim McAleese Offers Analysis of DOD’s FY 2023 Budget Request, Funding Growth

McAleese & Associates has released a report outlining “big picture issues” that will be addressed in the upcoming markup of the fiscal year 2023 National Defense Authorization Act by the House and Senate Armed Services Committees in June and one of those is the abrupt shifting of defense resources for the “looming 2027-2030 China fight.”

Jim McAleese, founder of McAleese & Associates and a three-time Wash100 winner, said that shift is now “highly visible” in the combined Department of Defense funding for FY 2022 and FY 2023.

According to McAleese, the proposed FY 2023 budget for the U.S. Air Force and the U.S. Space Force takes the lion’s share of the Pentagon’s total 2022-2023 funding growth.

The combined USAF-Space Force funding request of $234 billion for FY 2023 reflects a 14 percent growth in combined DOD funding for fiscal years 2022 and 2023.

Meanwhile, the Pentagon requested $231 billion in FY 2023 funding for the U.S. Navy and the U.S. Marine Corps, up 4 percent or approximately $9 billion from the enacted FY 2022 funding level of $222 billion for the two service branches.

McAleese said the FY 2023 defense budget proposal includes a request of $145.9 billion for procurement, $276 billion for modernization accounts and $310 billion for operations and maintenance accounts.

In March, McAleese presented an analysis of the White House $5.8 trillion FY 2023 budget request, which includes a proposed budget of $773 billion for DOD. 

The proposed DOD budget for FY 2023 shows a 4 percent growth, or approximately $31 billion, from the enacted FY 2022 funding level of $742 billion.

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Sonny Hashmi on GSA’s Ascend Cloud Services Blanket Purchase Agreement
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Sonny Hashmi on GSA’s Ascend Cloud Services Blanket Purchase Agreement

Sonny Hashmi, commissioner of the General Services Administration’s Federal Acquisition Service as well as a previous Wash100 Award winner, said the Ascend blanket purchase agreement for cloud services will be different from past efforts to develop cloud vehicles because the BPA will focus on addressing an agency’s need, Federal News Network reported Monday.

“It goes back to how we were talking about user centric design. There’s got to be a user need, and in this case, it’s got to be an agency need that Ascend will address,” said Hashmi, a previous Wash100 Award winner.

“That will dictate what the vehicle looks like how it’s going to be designed because without it, it is not going to be successful,” he added.

In late May, GSA started soliciting feedback on a draft performance work statement for the Ascend BPA, which is divided into three pools: infrastructure-as-a-service and platform-as-a-service cloud computing platforms; software-as-a-service offerings; and cloud IT professional services.

GSA will accept feedback and questions on the draft PWS through June 6.

“We look forward to robust conversations, both from cloud service providers, services companies, system integrators and others, to really help us think about not only the purchasing method, mechanism, the methods, but really help us help shape our thinking around the future of digital transformation will look like,” Hashmi said.

He noted that Ascend will allow agencies to procure cloud services through a consumption-based model and enable GSA to add new cloud service providers through an on-ramping process.

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Nikolai Joseph: NASA Looks at Viability of Space-Based Solar Power
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Nikolai Joseph: NASA Looks at Viability of Space-Based Solar Power

Nikolai Joseph, policy analyst at NASA’s office of technology, policy and strategy, said the agency is reevaluating the feasibility of space-based solar power through a short-term study, SpaceNews reported Saturday.

“As the technology has evolved, the feasibility of the system has changed over time,” Joseph said Friday at a conference. “This study is going to assess the degree to which NASA should support space-based solar power.”

The study will reevaluate previous concepts for gathering space-based solar energy for conversion to electricity on the ground.

Joseph said lower launch costs and advances in electronics, thermal systems and other technical areas prompted the space agency to reassess the viability of SBSP.

“The elephant in the room is launch costs, and launch has become significantly more accessible. That completely changes the way we look at this,” he stated.

Joseph noted that the agency plans to complete and present the study, which will also look at public perception of SBSP, in September at the International Astronautical Congress in Paris.

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CGI Promotes François Boulanger to COO, Steve Perron Becomes CFO; George Schindler Quoted
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CGI Promotes François Boulanger to COO, Steve Perron Becomes CFO; George Schindler Quoted

CGI has elevated two of its longest serving, high-profile executives, François Boulanger and Steve Perron, to new senior-level positions.

Boulanger will be president and chief operating officer and Perron will be executive vice president and chief financial officer, the Montreal, Quebec-headquartered information technology consulting firm said Friday. The pair of promotions are effective October 1.

“The appointments of François and Steve to these new roles reflect their deep understanding of CGI’s business and the IT services industry,” said George Schindler, CEO and president of CGI.

Boulanger has been with the company for 24 years. He has held positions such as VP and controller, leader of corporate accounting and shared services, before assuming his current role of EVP and chief financial officer of CGI eight years ago. Boulanger had a hand in establishing the company’s financial management environment and oversaw the integration of organizations that have merged with the firm over the years.

Prior to joining CGI, he worked for Deloitte as well as IT service companies Alex Informatique and SHLSystem House.

As COO, Boulanger will be responsible for CGI’s activities in North American commercial and state government business, Asia Pacific-based global delivery centers of excellence and global IP services. Schindler attests that the executive’s track record of nurturing global business for the company will bolster its capturing of new deals in both North America and internationally.

Perron has spent 23 years with CGI, climbing the ranks in various finance roles, including vice president of taxation, VP of corporate accounting and taxation and SVP of finance and treasury. His most recent role prior to his promotion was SVP and corporate controller.

As CFO, Perron will handle all of the firm’s financial portfolio and lead the staff that carefully maintains the company’s bookkeeping on a global scale. He will report directly to Schindler, who praised the executive as “a consummate ambassador.”

Schindler also lauded Perron as an unwavering steward of CGI’s financial performance.

Boulanger and Perron’s new appointments follow environmental consultant and atmospheric scientist Mark Flugge’s hire as sustainability and climate change lead at CGI’s federal government subsidiary in March.

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Nathan Jones: TaxBit Platforms Poised to Assist with Navigating Digital Currency Regulations
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Nathan Jones: TaxBit Platforms Poised to Assist with Navigating Digital Currency Regulations

Cryptocurrency exchanges totaling more than 500 are now obliged to be submitted as investors’ income to the Internal Revenue Service for the 2023 tax season as the result of the 2021 Infrastructure Investment and Jobs Act, according to Nathan Jones, senior vice president and general manager of the public sector division of TaxBit.

“To help ease the transition, the IRS has contracted with TaxBit, the crypto tax leader, as they try to make sense of America’s crypto tax collection. TaxBit is concentrating on catering to crypto enterprises first of all,” Jones commented.

TaxBit is a company that intends to ameliorate questions and doubts surrounding taxes and accounting about the growing digital economy through its software services.

Its platforms are aimed to help corporate institutions, government agencies and individuals navigate new laws that have begun to regulate and systematize the up-and-coming forms of currency.

The Draper, Utah-based organization’s offerings include a core accounting suite, customer management suite and form issuance. Their team has also developed a real-time ERP accounting platform for commodities, equities and other digital asset investments.

“The TaxBit Network enables users to easily integrate their cryptocurrency exchange, DeFi, and NFT data from over 500+ sources, see their tax calculations line-by-line, and download completed IRS Forms 8949 and Income reports,” Jones elaborated.

Jones came to TaxBit in February after nearly two decades with Red Hat. His appointment was part of the former company’s efforts to enlarge its presence with federal government clients.

In April, Jones shared his perspective on President Biden’s executive order on digital currencies.

“Although many policymakers historically have been hesitant to adopt digital assets, the EO is a signal that the Biden administration wants the U.S. to embrace digital assets as a source of financial innovation,” Jones told ExecutiveGov.

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