MARKETS_ Senate passes bill removing rogue Chinese firms from US stock exchanges

FOX BUSINESS

China Published 4 hours ago Senate passes bill removing rogue Chinese firms from US stock exchanges

Chinese companies traded on American exchanges aren't subject to the same investor-protection rules as their U.S. competitors

By Jonathan Garber FOXBusiness




Bankers predicting AT&T will soon offload its DirecTV subsidiary: Gasparino
FOX Business’ Charlie Gasparino discusses the effect of coronavirus lockdowns on AT&T's business as well as Senate passage of a bill that mandates stricter oversight of foreign companies trading on U.S. exchanges.


The U.S. Senate has passed a bill boosting oversight of companies based in China and other nations that could lead to their removal from American stock exchanges.

The vote on the measure, introduced more than a year ago by Sens. John Kennedy, R-La., and Chris Van Hollen, D-Md., comes as Congress and the Trump administration seek ways to punish Beijing for its initial handling of the COVID-19 pandemic.

First identified in the Chinese province of Wuhan, the disease has infected 4.9 million people and killed more than 324,000. Efforts to curb its spread have halted global growth and sent unemployment in the U.S. spiking to nearly 15 percent, the highest since the Great Depression.


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The legislation's focus on Chinese stocks stems from pre-virus concerns that Chinese firms listed on America’s exchanges are currently not subject to the same investor protection rules and accounting standards as U.S. companies, leaving small retail investors facing a higher risk of fraud.

The bill, which passed on Wednesday, says that if the Public Company Accounting Oversight Board -- a nonprofit established by Congress after the WorldCom and Enron scandals of the early 2000s -- is denied access to a foreign stock issuer's books for three years, the Securities and Exchange Commission will prohibit trading in the shares on U.S. exchanges.

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READ MORE: https://www.foxbusiness.com/markets/senate-passes-bill-delisting-rogue-chinese-companies


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