House passes Kennedy, Van Hollen bill to protect Americans from fraudulent foreign companies

WASHINGTON – The House of Representatives today passed Sens. John Kennedy (R-La.) and Chris Van Hollen’s (D-Md.) bill to protect American investors and their savings from foreign companies that operate on U.S. stock exchanges while refusing to submit to Securities and Exchange Commission (SEC) oversight. The Senate passed the bill unanimously in May.

“Communist China is right now using U.S. stock exchanges to exploit American workers and families—people who put their retirement and college savings in public companies. U.S. policy is letting China flout rules that American companies play by, and it’s dangerous. Today, the House joined the Senate in rejecting a toxic status quo. I’m thankful to Sen. Van Hollen and my colleagues on both sides of the aisle for supporting this commonsense solution to a threat that’s never been more urgent. President Trump has led the way in calling Chinese Communist dishonesty to account, and I’m glad to see this bill head to his desk,” said Kennedy.

“Millions of American families rely on modest investments to retire, send their kids to college, and weather financial emergencies. But many have been cheated out of their money after investing in seemingly-legitimate Chinese companies that are not held to the same standards as other publicly listed companies. This bill rights that wrong, ensuring that all companies on the U.S. exchanges abide by the same rules. I’ve been proud to work with Senator Kennedy on this bipartisan legislation, and I’m glad to see it pass the House with such strong support. I urge the President to sign this bill into law immediately,” said Van Hollen.

The Holding Foreign Companies Accountable Act prohibits securities of a company from being listed on any of the U.S. securities exchanges if the company has failed to comply with the Public Company Accounting Oversight Board’s (PCAOB) audits for three years in a row.

The bill would also require public companies to disclose whether they are owned or controlled by a foreign government, including China’s communist government. 

Many Americans invest in U.S. stock exchanges as part of their retirement and college savings, and dishonest companies operating on the exchanges put Americans at risk, as Luckin Coffee did. This legislation protects the interest of hardworking American investors by ensuring that foreign companies traded in America are subject to the same independent audit requirements that apply to their competitors in America and other countries.

“ASA applauds Senators Kennedy and Van Hollen, and congressional leaders on both sides of the aisles, for coming together to protect American investors and retirement savers from fraudulent companies controlled by the Chinese Communist Party (CCP). For far too long, the CCP has exploited American investors to finance its cyber army, its technology-driven elimination of civil liberties, its human rights abuses, and its destruction of the environment,” said American Securities Association CEO Chris Iacovella. 

Background:

Congress established the PCAOB to inspect audits of public companies, ensuring the information companies provide to the public is accurate, independent and trustworthy.

Currently, China’s communist government refuses to allow the PCAOB to inspect audits of companies registered in China and Hong Kong. Such companies represent a keen risk to American investors as nearly 11 percent of all securities class action lawsuits in 2011 were brought against Chinese-owned companies accused of misrepresenting themselves in financial documents.

According to the SEC, 224 U.S.-listed companies are located in countries where there are obstacles to PCAOB inspections. These companies have a combined market capitalization of more than $1.8 trillion.

In the last 10 years, the number of Chinese companies listed on U.S. stock exchanges has increased significantly, as those firms take advantage of the capital available in America.

Holding Foreign Companies Accountable Act PDF

BILLS-116s945es

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Columns

A Simple Question

What is a woman? Anyone with an IQ above room temperature can answer the question. Everyone, that is, except Democrats.

Democrats Tesla Takedown is a Proven Astro Turf Movement

Elon Musk and other journalistic leaders like Joe Rogan have been asking the critical question, “Who is behind the organization of these Tesla protests?”

Can Ramaphosa and Trump Come to Terms?

Whether South Africa can quell the hostility emanating from Washington, without compromising on its national priorities, is a formidable test for a country

Maddened Europe

Viable prospects for peaceful settlement of conflict between Moscow and Kyiv exist, but Europe obsesses over threat of incursion onto European territory.

BOMBSHELL: DOGE Proves Democrats Guilty of Election Fraud!

As the old expression goes, “That didn’t take long!” Over...

News

Crawford Defeats Musk-Backed Rival to Preserve Liberal Majority on Wisconsin Supreme Court

Judge Susan Crawford, backed by in-state Democrats and supported by millions in out-of-state donations, won most expensive Supreme Court seat in state history.

Victory! Federal Court Orders Parental Notice Laws Restored to Protect Minors Seeking Abortion, in a case almost 40 years in the making.

Teaming up with public officials, the Bopp Law Firm and Nevada Right to Life, PJI took a stand in federal court to restore protections for young girls, the preborn and parents.

Trump Says Agency Heads Will Work With DOGE After Elon Musk Leaves

President Donald Trump said adviser Elon Musk will eventually have to depart from the DOGE and go back to running his companies.

FTC Chairman Raises Concerns Over Sale of 23andMe DNA Data

FTC said it was worried about the safety of the personal data of Americans who were previously customers of genetic testing company 23andMe.

Judge Dismisses COVID Lawsuit Against Former New York Gov. Cuomo

Judge dismissed class-action lawsuit against former Gov. Andrew Cuomo that blamed his admin for COVID-19 deaths in nursing homes across NY.

Tesla Firebombing Suspect Hit With Federal Charges

The U.S. Dept of Justice has filed federal charges against a suspect in connection with a firebombing attack on a Tesla dealership in Loveland, Colorado.

What to Expect From Trump’s Global Tariffs

Trump has dubbed April 2 “Liberation Day,” when he will unveil reciprocal tariffs to level the trading field between the United States and its 200 partners.

Voters Head to Polls in 3 Key Elections in Florida, Wisconsin: What to Watch For

On April 1, voters head to the polls for three races in Florida and Wisconsin, with substantial implications for the future beyond the current contests.
spot_img

Related Articles

Popular Categories

MAGA Business Central