spartan max2 Posted May 23, 2020 #1 Share Posted May 23, 2020 (edited) Passed unanimously. I have no issues with is. It's a security risk to allow companies controlled by the CCP. US Senate passes bill to boost oversight and delist Chinese companies from exchanges Quote The US Senate passed legislation on Wednesday that could disqualify many Chinese companies from listing shares on US stock exchanges without adhering to the security laws and auditing regulations. The legislation, which was supported by lawmakers of both parties and was passed without objection, requires companies seeking access to US stock markets to establish that “they are not owned or controlled by a foreign government”. The bill also asks foreign companies to submit audits for inspection by the Public Company Accounting Oversight Board, the non-profit body that oversees audits of all US companies in public markets. Failure to provide the information for three consecutive years would lead to the delisting of a company’s shares. https://amp-scmp-com.cdn.ampproject.org/v/s/amp.scmp.com/news/china/diplomacy/article/3085354/us-senate-passes-bill-boost-oversight-chinese-companies?amp_js_v=a3&_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=15900304629308&referrer=https%3A%2F%2Fwww.google.com&_tf=From %1%24s&share=https%3A%2F%2Fwww.scmp.com%2Fnews%2Fchina%2Fdiplomacy%2Farticle%2F3085354%2Fus-senate-passes-bill-boost-oversight-chinese-companies Edited May 23, 2020 by spartan max2 2 Link to comment Share on other sites More sharing options...
Piney Posted May 23, 2020 #2 Share Posted May 23, 2020 14 minutes ago, spartan max2 said: The legislation, which was supported by lawmakers of both parties and was passed without objection, requires companies seeking access to US stock markets to establish that “they are not owned or controlled by a foreign government”. So is this bill going to include Israeli and Saudi Arabian government owned companies? 5 Link to comment Share on other sites More sharing options...
Wistman Posted May 23, 2020 #3 Share Posted May 23, 2020 Okay, let's have the US Federal Government control the markets now. Wow. 2 1 Link to comment Share on other sites More sharing options...
Gromdor Posted May 23, 2020 #4 Share Posted May 23, 2020 Hmm. So China can still own the companies but Americans can't buy stock in them? Let's use Smithfield Foods for example. https://en.wikipedia.org/wiki/Smithfield_Foods Trump just did an executive order declaring meat packing plants "Essential" because without them we cannot process pork, chicken and cattle. Are we going to shut them down? 3 Link to comment Share on other sites More sharing options...
SHaYap Posted May 23, 2020 #5 Share Posted May 23, 2020 Helter skelter... ~ 1 Link to comment Share on other sites More sharing options...
Piney Posted May 23, 2020 #6 Share Posted May 23, 2020 8 minutes ago, third_eye said: Helter skelter... Bad Chinee!! Bad,bad, bad Chinee!!! *smack, smack smack* 1 Link to comment Share on other sites More sharing options...
spartan max2 Posted May 23, 2020 Author #7 Share Posted May 23, 2020 (edited) 3 hours ago, Gromdor said: Hmm. So China can still own the companies but Americans can't buy stock in them? Let's use Smithfield Foods for example. https://en.wikipedia.org/wiki/Smithfield_Foods Trump just did an executive order declaring meat packing plants "Essential" because without them we cannot process pork, chicken and cattle. Are we going to shut them down? Quote The bill can be applied to any foreign company seeking to raise capital in the US. It only delist a company if they don't follow the same rules U.S companies have to follow. Edited May 23, 2020 by spartan max2 2 Link to comment Share on other sites More sharing options...
spartan max2 Posted May 23, 2020 Author #8 Share Posted May 23, 2020 (edited) 4 hours ago, The Wistman said: Okay, let's have the US Federal Government control the markets now. Wow. This law it to make Chinese companies have to follow what U S companies already have to follow homie. Quote However, some are urging caution in moving to hold Chinese companies to the same reporting standards as others Quote The bill also asks foreign companies to submit audits for inspection by the Public Company Accounting Oversight Board, the non-profit body that oversees audits of all US companies in public markets. Failure to provide the information for three consecutive years would lead to the delisting of a company’s shares. Edited May 23, 2020 by spartan max2 1 Link to comment Share on other sites More sharing options...
spartan max2 Posted May 23, 2020 Author #9 Share Posted May 23, 2020 This bill passed unanimously. Let that sink in. I feel like people commenting haven't read the article. Quote The American Securities Association, a trade group representing small and regional financial services firms, supported the legislation, saying that “for far too long, fraudulent Chinese companies have gotten a free pass to access US markets and exploit American investors”. Link to comment Share on other sites More sharing options...
Tatetopa Posted May 23, 2020 #10 Share Posted May 23, 2020 Cynical by nature I wonder with 100% support ,is this another sound tough means nothing measure? Most bills with 100% support don't pi** anybody off or jeopardize the flow of campaign contributions. 1 Link to comment Share on other sites More sharing options...
SHaYap Posted May 23, 2020 #11 Share Posted May 23, 2020 2 hours ago, 19_Kilo said: Nah...more like Ching Chong Ching Chong. Ahhhh I see you have met the awful unlawful in laws... Quote ~ 1 2 Link to comment Share on other sites More sharing options...
Tatetopa Posted May 24, 2020 #12 Share Posted May 24, 2020 2 hours ago, third_eye said: Ahhhh I see you have met the awful unlawful in laws... The dragon lady. Rumor is that she has a special saddle for Mitch. 1 Link to comment Share on other sites More sharing options...
SHaYap Posted May 24, 2020 #13 Share Posted May 24, 2020 1 hour ago, Tatetopa said: The dragon lady. Rumor is that she has a special saddle for Mitch. Pssssst... "bereavement" funds... ~ 1 Link to comment Share on other sites More sharing options...
Unusual Tournament Posted June 1, 2020 #14 Share Posted June 1, 2020 On 5/24/2020 at 8:46 AM, Tatetopa said: Cynical by nature I wonder with 100% support ,is this another sound tough means nothing measure? Most bills with 100% support don't pi** anybody off or jeopardize the flow of campaign contributions. Chinese companies cooking the books to qualify for access to U.S. markets is a very real problem. The timing is suspect thou. Link to comment Share on other sites More sharing options...
Tatetopa Posted June 1, 2020 #15 Share Posted June 1, 2020 26 minutes ago, Captain Risky said: Chinese companies cooking the books to qualify for access to U.S. markets is a very real problem. The timing is suspect thou. Yes I agree as is the theft of intellectual property.I support some measures to halt both. Past experiences tell me that big fanfares often accompany small actions just as big egos often accompany other underdeveloped parts of character. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now