The U.S. Senate passed a bipartisan bill today that — if it becomes law — will have the Securities and Exchange Commission remove Chinese companies from American stock exchanges should they deny access to a government oversight panel.
Currently, Chinese firms traded in the United States aren’t beholden to the same investor protection guidelines and accounting standards as their U.S. counterparts.
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Sens. John Kennedy (R-LA) and Chris Van Hollen (D-MD) introduced the bill over a year ago, which has received renewed attention following Beijing’s failure in containing the novel coronavirus (COVID-19) and its subsequent cover-up.
FOXBusiness’ Jonathan Garber reports:
First identified in the Chinese province of Wuhan, the disease has infected 4.9 million people and killed more than 324,000. Efforts to curb its spread have halted global growth and sent unemployment in the U.S. spiking to nearly 15 percent, the highest since the Great Depression.
SEE ALSO: Western ‘Five Eyes’ Intelligence Blames China for COVID-19
The legislation tells all the companies in the world that “if you want to list on an American exchange, you have to submit an audit and the SEC has the right to look at that audit, and audit the audit,” Kennedy said on the Senate floor. “And if you refuse not once, not twice, but three times — if over a three-year period, each of those three years, the company says, ‘You cannot audit my audit,’ then they can no longer be listed.”
To become law, the measure titled the Holding Foreign Companies Accountable Act would still have to be approved by the Democratically-controlled House of Representatives and signed by the president.
“After a decade of pounding the tables on the issue of China companies defrauding U.S. investors, we are encouraged to see this bill pass the Senate and we hope it becomes law,” Carson Block, short-seller and founder of Muddy Waters Research, told FOX Business in an emailed statement. “By listing in the U.S., these companies have ready access to U.S. retail investors’ money, and so long as China effectively remains a rogue country for U.S. securities regulation, its companies should not have access to our markets.”
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The U.S. Senate passed a bipartisan bill today that — if it becomes law — will have the Securities and Exchange Commission remove Chinese companies from American stock exchanges should they deny access to a government oversight panel.
Currently, Chinese firms traded in the United States aren’t beholden to the same investor protection guidelines and accounting standards as their U.S. counterparts.
Note the second paragraph most carefully. Having done that, the question WHY/HOW COME THIS DISTORTION OF LAW EXISTS? Answers please.
A lot of these Chinese Resturants are actualy Chinese Spy Rings that are spying on the United States Government. They all should be investigated.