US passes bill to delist Chinese companies

[spartan max2]

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&amp_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=15900304629308&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From %1%24s&ampshare=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

[Piney]

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? 

[Wistman]

Okay, let's have the US Federal Government control the markets now.  Wow.

[Gromdor]

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?

[SHaYap]

Helter skelter... 

~

[Piney]

8 minutes ago, third_eye said:

Helter skelter... 

Bad Chinee!! Bad,bad, bad Chinee!!! 

*smack, smack smack* 

[spartan max2]

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

[spartan max2]

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

[spartan max2]

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”.

 

[Tatetopa]

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.

[SHaYap]

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

~

[Tatetopa]

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.

[SHaYap]

1 hour ago, Tatetopa said:

The dragon lady.  Rumor is that she has a special saddle for Mitch.

Pssssst... 

"bereavement" funds... 

~

[Unusual Tournament]

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. 

[Tatetopa]

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.