Congress delists non-transparent Chinese companies from U.S. exchanges

Now Labor Department must act

Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement praising Congress for unanimously voting for legislation that delists non-transparent, unaudited Chinese companies from U.S. stock exchanges:

“It is incredible news that the House has followed the lead of the U.S. Senate to unanimously make law that will delist any non-transparent, unaudited Chinese company from U.S. stock exchanges. This will undo the sweetheart deal by Joe Biden with Chinese President Xi Zinping that resulted in the 2013 Memorandum of Understanding by the Public Company Accounting Oversight Board overseen by the SEC, allowing 156 Chinese companies with market caps of $1.2 trillion to be listed on U.S. exchanges. Now that Congress has done its job, once President Trump signs this bill into law, it will be up to the federal government to implement it, including and especially Labor Department Secretary Eugene Scalia, to ensure that U.S. retirement portfolios are shielded from non-transparent, slave-holding Chinese companies that will now be delisted in the U.S. Many of these companies use child and slave labor in concentration camps. And if Chinese investments are not suitable for U.S. exchanges, then they are not suitable for American retirement portfolios either under ERISA. We thank both the House and Senate for its bold action, and President Trump for his leadership and determination to challenge China that made this law possible in the first place.”

Attachments:

“If risky Chinese investments are unsuitable for federal pensioners, they’re unsuitable for private pensioners, too.” By Rick Manning, July 10, 2020 at https://dailytorch.com/2020/07/if-risky-chinese-investments-are-unsuitable-for-federal-pensioners-theyre-unsuitable-for-private-pensioners-too/

“How Americans are unwittingly funding Chinese concentration camps,” By Catherine Mortensen, Aug. 28, 2020 at https://dailytorch.com/2020/08/how-americans-are-unwittingly-funding-chinese-concentration-camps/

“Why are American pensions and mutual funds investing $251 billion in Chinese equities and bonds built on child and slave labor?” By Robert Romano, Aug. 3, 2020 at https://dailytorch.com/2020/08/why-are-american-pensions-and-mutual-funds-investing-251-billion-in-chinese-equities-and-bonds-built-on-child-and-slave-labor/

Interview Availability: Please contact Americans for Limited Government at 703-383-0880 or at [email protected] .

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