Van Hollen Releases Statement on the Presidential Working Group on Financial Markets’ Report on Chinese Companies

Today, U.S. Senator Chris Van Hollen (D-Md.) released the following statement regarding the recommendations made by the presidential Working Group on Financial Markets on reporting requirements for Chinese companies: 

“Today’s report is an important first step. But in order to change the status quo, and hold Chinese companies to the same standards as others, we must pass the Holding Foreign Companies Accountable Act. Without the added teeth of our bill, this report alone does not implement the requirements necessary to protect everyday American investors.” 

Senators Van Hollen and John Kennedy (R-La.) have introduced the bipartisan Holding Foreign Companies Accountable Act, legislation to protect American investors and their retirement savings from Chinese companies that have been operating on U.S. stock exchanges without Securities and Exchange Commission (SEC) oversight. 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. The Senators’ legislation passed the Senate by unanimous consent on May 20, 2020 and was included in the House-passed version of the FY 2021 National Defense Authorization Act.