ASA Praises Senate Passage of Bipartisan Accelerating Holding Foreign Companies Accountable Act

Senator Kennedy-led bill moves non-compliant years from three to two

WASHINGTON – The American Securities Association (ASA) today applauded the Senate for unanimously passing the Accelerating Holding Foreign Companies Accountable Act, a bill sponsored by Senator Kennedy (R-LA), to move the Holding Foreign Companies Accountable Act consecutive non-compliant years from three to two.

“ASA applauds the Senate for coming together once again and unanimously passing common sense legislation to protect the American people and end Communist China’s exploitation of our capital markets,” said ASA CEO Chris Iacovella. “We thank Senator Kennedy for his leadership in accelerating a timeline which now forces Chinese companies to comply with our audit and regulatory requirements much quicker, and we urge the House to swiftly move this bill to the President’s desk.”

“A bipartisan Washington is finally waking up to the China threat and it’s time for Wall Street to do the same, U.S. exchanges must ensure American investor money is not used to finance Beijing’s egregious human rights abuses and genocide by immediately halting Chinese company IPOs and delisting every Chinese company from their exchange until those companies can prove they are NOT controlled by the CCP.”

For years, ASA has been at the forefront of advocacy to end China’s fraud on our markets. Earlier this month, ASA applauded the Biden Administration for issuing an Executive Order banning American investment in companies financing Communist China. Last month, ASA called on the SEC to swiftly and fully implement the Holding Foreign Companies Accountable Act, a bill which ASA was the lead advocate for.

###

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/.