US Finally Opens Wall Street Front In The Cold War With Communist China
Our friends at the Committee for the Present Danger: China have been sounding the alarm
about the Communist Chinese infiltration of Wall Street and the use of our own financial markets to fund their battle against us for world economic and military supremacy.
For almost two years, the “Committee on the Present Danger: China” has been warning (for example here) about the Chinese Communist Party’s penetration of our capital markets, and in the battle to at least push the enemy back outside the wire we’ve won some victories.
In May the White House directed the managers of a federal pension fund to halt investments in Chinese stocks. President Trump and Labor Secretary Eugene Scalia told the plan managers for federal retirement savings investing in Communist Chinese stocks would place billions of dollars “in risky companies that pose a threat to U.S. national security.”
Back in July in our article Wall Street A New Front In The Cold War With Red China we called for the passage of “The Holding Foreign Companies Accountable Act” and last night the House finally passed the bill which bars securities of foreign companies from being listed on any U.S. exchange if it has failed to comply with the U.S. Public Accounting Oversight Board's audits for three years in a row.
As our friends at NewsMax reported, the bill, sponsored by Republican Senator John Kennedy and Democratic Senator Chris Van Hollen, passed the Senate in May by unanimous consent, so House passage sends it to the White House for President Donald Trump, who is expected to sign it into law.
The measure also would require public companies to disclose whether they are owned or controlled by a foreign government.
The bill would give Chinese companies like Alibaba, China Telecom Corp Ltd and China Mobile Ltd three years to comply with U.S. rules before being removed from U.S. markets.
We think it is past time our government opened a new front in the Cold War with Communist China and took the steps necessary to bar companies owned by the Communist Chinese government or its People’s Liberation Army from access to U.S. capital markets.
We urge CHQ readers and friends to call the White House (202-456-1111) to urge President Trump to sign the bill immediately so that our government has the authority to prohibit companies owned or controlled by the Chinese Communist Party, the Red Chinese government, the People’s Liberation Army of China and other Chinese military and intelligence entities from accessing U.S. capital markets.
Holding Foreign Companies Accountable Act (S.945)
Obama Foreign Policy
The Committee on the Present Danger: China (CPDC)
World Trade Organization