Beijing is scrambling to comply with the Holding Foreign Companies Accountable Act. The law, written by U.S. Senators Marco Rubio (R-FL) and John Kennedy (R-LA) in 2020, requires foreign companies listed on American exchanges to comply with the same audit oversight standards as all other U.S. listed firms.
Rubio spoke with Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams regarding the refusal of Chinese firms to provide access to independent auditors.
- “We need to protect American retirees. If Chinese companies listed on our exchanges do not open their books, then they will be delisted. That is the law, without exception.
- “I appreciate PCAOB Chair Williams’ commitment to protecting American investors, and I’ll continue working with her to fully implement and enforce my Holding Foreign Companies Accountable Act.” — Senator Rubio
Earlier this month, the PCAOB told the Financial Times that it “must have complete access to audit work papers of any firm it chooses to inspect or investigate—no loopholes and no exceptions.”
Looking forward… 260 of China’s biggest companies will be delisted in 2024 if the Chinese Communist Party does not allow them to comply with U.S. securities law.
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- July 2022: Rubio Introduces Bill To Turn Off The Tap On Federal Investment In Blacklisted Chinese Firms
- June 2022: Rubio Releases Video Detailing Threat Of Investing In China
- June 2022: Rubio Releases Hold on Federal Retirement Thrift Investment Board Nominees
- May 2022: Rubio, Colleagues Urge Biden Administration to Protect Federal Retirement Dollars From Dangerous Chinese Companies
- July 2021: Rubio Calls SEC Guidance on China “Long Overdue” but Says More Action Needed
- June 2021: Rubio, Colleagues Question SEC on Unprecedented Replacement of PCAOB Members & Urge the Swift Implementation of Holding Foreign Companies Accountable Act
- June 2021: Rubio: SEC Should Block IPO of Chinese Ride-Hail Company DiDi
- June 2021: Rubio Statement on Biden's China Blacklist
- May 2021: Rubio: Wall Street Must Stop Enabling Communist China (American Prospect)
- May 2021: Rubio, Casey Introduce Bill to Ban Chinese Firms That Ignore U.S. Laws From Listing on U.S. Exchanges
- May 2021: Rubio Leads Bipartisan, Bicameral Bill Banning TSP Board From Steering Federal Retirement Savings to China
- January 2021: Rubio Statement on NYSE, Delisting of Chinese Telecom Companies
- November 2020: Rubio Statement on SEC Proposed Plan to Ban Chinese Firms That Flout U.S. Laws From U.S. Exchanges
- July 2020: Rubio Urges President’s Working Group on Financial Markets to Address China’s Exploitation of U.S. Financial System
- May 2020: Rubio, Shaheen Welcome Decision by TSP Board to Halt Transfer of Federal Retirement Savings to China
- October 2019: Rubio, Shaheen Lead Bipartisan Group Urging TSP Board to Reverse Decision to Steer Federal Retirement Savings to China
- September 2019: ICYMI: Rubio & Shaheen: Federal Retirement Savings Should Not Fund China's Communist Party
- August 2019: Rubio, Shaheen Urge TSP Board to Reverse Decision to Steer Federal Retirement Savings to China
- June 2019: Rubio, Colleagues Introduce Bipartisan, Bicameral Bill to Ban Chinese & Foreign Firms that Flout U.S. Laws from U.S. Exchanges