WASHINGTON — The Coalition for a Prosperous America (CPA) today urged House Speaker Nancy Pelosi (D-CA) to include Section 3407 in the Senate-passed U.S. Innovation and Competition Act (USICA) (S. 1260) in any bill the House passes to address competition with China. This provision would require an annual report for five years that describes the material risks posed to the United States by the presence of companies incorporated in the People’s Republic of China (PRC) and present in U.S. capital markets. Read CPA’s full letter here.
“This section requires an annual report (for five years) that describes the material risks posed to the United States by the presence of companies incorporated in the People’s Republic of China (PRC) and present in U.S. capital markets (via direct listings, the OTC market, indices, ETFs, etc.) that are also known to be contributing to activities that seriously undermine the national security of the U.S., violate internationally recognized human rights, and/or substantially increase financial risk exposure for United States-based investors,” the letter states.
“Such Chinese corporate abusers are on full display in their support of genocidal repression of the Uyghurs and other religious minorities, equipping concentration camps, trafficking in forced labor, building a repressive “surveillance state”, manufacturing advanced weapon systems for the PLA, militarizing China’s illegal islands in the South China Sea, assisting the crackdown of the people of Hong Kong and building Chinese forces for the domination of Taiwan — to name a few,“ the letter continues. “We believe it is imperative for the protection of U.S. retail investors (over 100 million of them), our fundamental values, and national security that these reporting requirements be thorough and complete — and not deliberately limited in their ability to provide the necessary information to the Congress.”
Read CPA’s full letter here.