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Calls on Congress to pass Accelerating Holding Foreign Companies Accountable Act
WASHINGTON – The American Securities Association (ASA) today commended the Securities and Exchange Commission (SEC) for adopting amendments to finalize rules relating to the Holding Foreign Companies Accountable Act and called on Congress to further strengthen investor protections and more quickly remove fraudulent Chinese companies from U.S. exchanges.
“ASA commends Chair Gensler for taking meaningful steps to protect investors, the integrity of our markets, and our national security interests,” said ASA CEO Chris Iacovella. “Now more than ever, it’s crucial that Congress acts in a bipartisan manner to remove non-compliant Chinese companies from U.S. exchanges starting in 2022 by passing the Accelerating Holding Foreign Companies Accountable Act. Additionally, the SEC should force the exchanges to delist every Chinese company before more American investors lose their savings.”
For years, ASA has been at the forefront of advocacy to end China’s fraud on our markets. ASA recently praised unanimous Senate passage of the bipartisan Accelerating Holding Foreign Companies Accountable Act. ASA also applauded the Biden Administration for issuing an Executive Order banning American investment in companies financing Communist China. To read ASA CEO Iacovella’s op-ed on China and the U.S. capital markets, click here.
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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.
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