Trump Hid His Finances For 4 Years And Now Hits China For Doing The Same For 3 Years In A Row
At the end of his presidency, Donald Trump has once again made red-hot partnership between the United States and China. Yesterday, the US President signed a bill that would cut off Chinese corporations from the U.S. stock exchanges.
The “Holding Foreign Companies Accountable Act,” which requires certain issuers of securities to establish that they are not owned or controlled by a foreign government, specifically if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm that is not subject to inspection by the Board, reads release of the White House.
"The Holding Foreign Companies Accountable Act" bars securities of foreign companies from being listed on any U.S. exchange if they have failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row, Reuters reported.
During his tenure, Trump has repeatedly taken action against Chinese companies that operate in the United States. In the summer, Donald Trump imposed a series of restrictive measures against Beijing because the Chinese Communist Party deliberately covered up an outbreak of a then undefined disease and allowed infected people to travel abroad.
Following the signing of the bill designed to protect American investors from significant risks, a number of Chinese corporations, including Alibaba BABA.K, tech firm Pinduoduo Inc and oil giant PetroChina Co Ltd. can suffer devastating financial losses.
“Prior to enactment of the Act, SEC staff were finalizing recommendations for proposed rules regarding enhanced listing standards for U.S. securities exchanges and auditor qualifications for the Commission’s consideration. Because of the substantial overlap between the staff’s proposal and the Act, I have directed the staff to consider providing a single consolidated proposal for the Commission’s consideration on issues related to the PCAOB’s access to audit work papers, exchange listing standards, and trading prohibitions,” Chairman Jay Clayton wrote in a statement.
Along with countermeasures against China, Trump also signed 3 other bills aimed at supporting scientific research and combating environmental disasters.
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