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senate Bill S. 945

Holding Foreign Companies Accountable Act

Bill Details

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Title

Holding Foreign Companies Accountable Act

Official Title

A bill to amend the Sarbanes-Oxley Act of 2002 to require certain issuers to disclose to the Securities and Exchange Commission information regarding foreign jurisdictions that prevent the Public Company Accounting Oversight Board from performing inspections under that Act, and for other purposes.

Summary

Holding Foreign Companies Accountable Act This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
    IntroducedMarch 28th, 2019
    Bout time.
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    I support the Holding Foreign Companies Accountable Act, and want you to urge Congress to vote for its passing, for the following reasons: 1. Passing this bill would stop funding the Chinese Communist Party (CCP) with America’s money that is being used to finance weapons: mechanical, i.e. missiles and tanks, and biological, i.e. the Wuhan Novel Coronavirus. Also, this funding takes away American jobs and damages our economic security. All Chinese companies that are currently on the NYSE are directly controlled by the CCP because they are all subject to Article 7 of the Chinese National Intelligence Law so, they need to be delisted immediately. 2. Passing this bill would remove Chinese companies which are listed on the NYSE that are currently violating U.S. securities regulations, accounting rules, and disclosure requirements. For example, corporate giant Alibaba (BABA) does not provide the material disclosures, shareholder protections, or corporate governance rights for Americans. This lie perpetuates that Chinese companies are profiting American investors, when in actuality they are siphoning money away from our country and economy, and into the pockets of the CCP. This issue is personal for me because I have lived in China for 5 years in the past, and have seen the overwhelmingly negative influences that the CCP has made on the country. Funding them with our money just lines their pockets and hurts the people of China because the CCP is a corrupt government who doesn't care for its people and is allowed to prosper and expand to cause worldwide damage with these unregulated companies on the NYSE. Passing this bill would directly influence their finances, and thus allow for a chance at ending the CCP once and for all. The people of China could then move forward to build a country of quality and care, which is what it is at its roots, but it has been stunted by the Party for so long. The suffering and live organ harvesting of the Uighur minorities, the conflicts in Tibet, the overwhelming level of poverty, the "tofu construction," etc., could all stop and the country could begin to heal. I think we should contact Congress and have them vote to approve this bill because it will positively impact both the people of the United States and the citizens of China.
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    So here is a perfect reason to begin Chinese accountability. I can almost guarantee you the vast majority of Democrats who post here will say "nothing to see here" or "this is a distraction during a pandemic" to promote Trump. We need to reverse all the damage the Democrats and political RINOS have done using trade to pay off their donors. TAKE AMERICA BACK PATRIOTS!
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