House Should Swiftly Pass Senate Bill to Accelerate Delisting of Non-Compliant Chinese Companies from U.S. Exchanges

Article By: CPA

WASHINGTON — The Coalition for a Prosperous America (CPA) today called on House Speaker Nancy Pelosi (D-CA) to takeNancy Pelosi action on Senator John Kennedy’s (R-LA) Accelerating Holding Foreign Companies Accountable Act (S. 2184), which passed the Senate unanimously on June 22, 2021 and would accelerate the timeline for Chinese companies to comply with U.S. securities laws and regulations before being delisted from U.S. exchanges pursuant to the Holding Foreign Companies Accountable Act (P.L. 116-222).

Yesterday, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testified in front of the Senate Committee on Banking, Housing, and Urban Affairs where he voiced public support for the House acting on this important legislation: “I’ve already had some discussions and expressed to the leadership over there that I support that.”

“There is no reason why Speaker Pelosi should delay any further a vote on the Accelerating Holding Foreign Companies Accountable Act, which would speed up the clock for non-compliant Chinese companies to either follow U.S. law or be delisted from U.S. exchanges,” said Michael Stumo, CEO of CPA. “We welcome Chairman Gensler’s public support for ensuring that American investors are protected from material risks associated with Chinese companies that refuse to let U.S. regulators determine whether they tell the truth in their financial statements. For too long, Congress and the SEC have ignored the Chinese Communist Party’s exploitation of U.S. capital markets, as well as Wall Street’s role in facilitating this fraud.”

On July 22, 2021, CPA urged Chairman Gensler to implement the Holding Foreign Companies Accountable Act (P.L. 116-222) without delay after reports that the Commission has not acted sufficiently to implement the law. On July 30, 2021, CPA released a statement after Chairman Gensler called for greater disclosure into Chinese companies listing on U.S. exchanges.

 

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