Senator Rick Scott (R-FL) has introduced five pieces of legislation to address American trading, the Chinese Communist Party (CCP), and both issues simultaneously.
This bill package includes the Trading and Investing with Clear Knowledge & Expectations about Risk (TICKER) Act, the Protecting American Capital Act, the Secure America’s Financial Exchanges (SAFE) Act, the Transaction and Sourcing Knowledge (TASK) Act, and the Sanction Transactions Originating from Pernicious Chinese Companies and Policies (STOP CCP) Act.
With President Donald Trump (R) imposing a fierce trade war against the Chinese, Sen. Scott has made it known that China is an absolute adversary that is going to great lengths to "exploit" the United States of America.
“Communist China has made clear they’re willing to use any means necessary to become the dominant global power, including exploiting Americans, our financial markets, and our economy," said Sen. Scott. "For too long, Chinese companies have been given free rein to lie, cheat, and circumvent the laws and regulations of the United States and intentionally keep Americans in the dark while the Communist Party of China benefits. It’s putting our national security and the security of Americans’ investments at risk. "
Furthermore, the Florida senator stated that with his legislation and President Trump in the Oval Office, China will be "held accountable" for its transgressions against the United States.
"Communist China is our adversary, and now that President Trump is back in the White House, it’s about time we make clear to Communist China that they will be held fully accountable and play by the rules and laws of the United States," said Sen. Scott. "My legislative package makes critical changes to crack down on Communist China’s influence in U.S markets, and bring the change needed to keep Americans’ dollars out of the hands of our enemy and close loopholes that Communist China is using to exploit our markets and put our national and economic security at risk.”
Per Sen. Scott, the legislative package to hold Communist China accountable in the financial sector includes the following:
- The bipartisan Trading and Investing with Clear Knowledge and Expectations about Risk (TICKER) Act, co-led by Senator Chris Van Hollen
- Requires the Securities and Exchange Commission (SEC) to identify Variable Interest Entities (VIEs) linked to Chinese companies in their stock trading symbols on U.S. exchanges and require that broker-dealers provide risk warning labels on the potential lack of legal recourse for investors for their investments in VIEs linked to Chinese entities.
- The bipartisan Secure America’s Finance Exchanges (SAFE) Act, cosponsored by Senators Marsha Blackburn, Bill Cassidy, Cindy Hyde-Smith, and John Kennedy
- Requires the SEC to implement specific disclosure requirements for Chinese-based companies seeking access into U.S.-based Exchanges through Initial Public Offering (IPOs).
- The Transaction and Securing Knowledge (TASK) Act, cosponsored by Senators Marsha Blackburn and Bill Cassidy
- Directs the SEC to report on specific sourcing and transaction activities within the forced labor region of the Xinjiang province as well as require an annual report on whether there is a CCP committee member in their operations and summarize the actions and corporate decisions in which such committees may have participated.
- The bipartisan Protecting American Capital Act, co-led with Senator Jeanne Shaheen
- Requires the U.S. Department of the Treasury to analyze and submit an annual report to congress on the United States’ financial exposure among certain sectors of the Chinese economy that pose significant risk.
- The Sanction Transactions Originating from Pernicious Chinese Companies and Policies (STOP CCP) Act, cosponsored by Senators Marsha Blackburn and Cindy Hyde-Smith
- Expands the jurisdiction of existing U.S. investment restrictions targeting Chinese entities placed on NSCMIC Companies list as well as establish that Chinese companies sanctioned under one U.S. authority be automatically sanctioned under all other authorities.
