Investors on U.S. stock exchanges deserve not only independent audits, but oversight of the auditors.
Pedestrians walk past Exchange Square in Hong Kong, Nov. 4. Photo: jerome favre/Shutterstock Dec. 28, 2020 11:45 am ET
The American Securities Association shares the editorial board’s concern regarding the growth of the administrative state and the suffocating effect needless bureaucracy can have on economic growth. But your editorial “Congress Punts on China Stocks” (Dec. 16) misses the mark on the Holding Foreign Companies Accountable Act, a bill that passed both chambers of Congress unanimously despite a multimillion dollar lobbying campaign against it from Wall Street.
The narrative that money will flow to Chinese companies regardless of this bill rings hollow. Money managers are subject to a fiduciary obligation that prevents them from investing in companies they can’t perform due diligence on, such as those controlled by the Chinese
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Treasury Under Fire for Trying to Soften Trump’s Ban on Chinese Securities
WASHINGTON A conflict within the Trump administration has come to light over how to implement the president’s new executive order, which protects U.S. investors from “malign” Chinese companies.
The Financial Times reported on Dec. 17 that the Treasury Department has attempted to “water down” the executive order, which bans investment in companies with ties to China’s People’s Liberation Army (PLA). The Pentagon and the State Department, according to the report, have furiously opposed Treasury Secretary Steven Mnuchin’s effort to soften the ban.
Mnuchin responded to media reports that exposed the interagency fight.