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The White House announced that President Donald Trump has just signed a bill that could prevent some Chinese companies from participating in the American stock market.
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| President Donald Trump signed new legislation. Photo: AP |
“On Friday, December 18, 2020, President (Trump) enacted the ‘Foreign Companies Liability Act,’ which requires certain issuers of securities to identify claiming that they are not owned or controlled by a foreign government, especially if the Commission Oversight of Public Companies Audit (PCAOB) cannot verify specific reports because the issuer has hired a foreign public audit firm that is not subject to inspection by the commission, “the White House press release said.
According to Sputnik, the US House of Representatives passed the bill in early December, while the Senate has been doing it since May.
Senator John Kennedy, who introduced the bill to the United States Congress in March 2019, said the new rules would prevent China from misleading American stock exchanges. Kennedy alleged that Beijing’s failure to comply with previous US reporting laws has adversely affected investor confidence and the integrity of financial markets.
The United States already has audit cooperation agreements with foreign regulators, but has yet to reach one with China.
Earlier this month, Beijing condemned the ratification of the Kennedy bill by the US Congress as “discriminatory” and criticized the Trump administration’s accusations against “politicized” Chinese companies. chemical “.
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