Posted on 12/18/2020 6:22:46 PM PST by E. Pluribus Unum
President Donald Trump on Friday signed legislation that would kick Chinese companies off U.S. stock exchanges unless they adhere to American auditing standards, the White House said, giving the Republican one more tool to threaten Beijing with before leaving office next month.
"The Holding Foreign Companies Accountable Act" bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row.
While it applies to companies from any country, the legislation's sponsors intended it to target Chinese companies listed in the United States, such as Alibaba , tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd.
The legislation, like many others taking a harder line on Chinese businesses, had passed Congress by large margins earlier this year. Lawmakers - both Democrats and Trump's fellow Republicans - echo the president's hard line against Beijing, which became fiercer this year as Trump blamed China for the coronavirus ravaging the United States.
The act would also require public companies to disclose whether they are owned or controlled by a foreign government.
Chinese officials have dismissed the measure as a discriminatory policy that politically oppresses Chinese firms.
Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.
(Excerpt) Read more at newsmax.com ...
Could?? DO IT!!!
There’s one man in the WORLD right now, out of 7 billion that can stop China.
I’ve been praying so much that the prayers are repeating in my head when i’m doing other things.
But God works in his own way and on his own time.
And I’ll still keep praying.
This is how we do it...
If you haven’t noticed, he’s sure not acting like he’s leaving.
He knows.
He wouldn’t have signed it if he didn’t yet “know’ that he is staying?
I wish I knew what he knows because I am STRESSING this so-called Biden administration. I am praying too, but onward we go toward Anerica’s h311.
Why wasnt this done 4 years ago??
Why would the House pass this when so many are connected to CCP interests/firms? I’m a little confused here.
Laws are only enforced against Republicans, Silly.
Why bother? Biden would just reverse it.
Because it’s the right thing to do?
Yep believe me he will still be around for another term or 2. =)
You are embarrassing yourselves.
I pray with you.
this is pretty brilliant. he’s going to force biden to take dozens of blatantly pro-Chinese executive actions early in his administration. after that, he owns whatever happens.
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