The Senate today passed a bill that would expel Chinese companies from U.S. stock exchanges if they continue to deny inspectors access to their audits, ratcheting up the conflict between the two countries
pursuant to the 2002 Sarbanes-Oxley Act.
Investor advocates and members of Congress have raised alarm after hundreds of billions of dollars in Chinese equities have poured into U.S. stock exchanges in recent years, even though the country continually refuses U.S. regulators access to inspect their accounting audits. In a letter from National Economic Council Director Larry Kudlow and National Security Adviser Robert O'Brien on the retirement board issue, the White House said investing federal funds in Chinese companies presented both a national security threat as well as an unnecessary economic risk for federal retirees.
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