U.S. Senator Rick Scott has introduced a package of five bills designed to protect American investors and crack down on what he perceives as Communist China’s influence and exploitation of U.S. markets.
The legislative 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
- The Sanction Transactions Originating from Pernicious Chinese Companies and Policies (STOP CCP) Act
Senator Scott’s initiative aims to take a comprehensive approach to hold Communist China accountable by:
- Expanding sanctions and closing existing loopholes
- Implementing transparency and accountability through disclosure requirements
- Protecting investors from what he considers harmful actions by CCP-backed entities
“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 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.”
The bipartisan Trading and Investing with Clear Knowledge and Expectations about Risk (TICKER) Act, co-led by Senator Chris Van Hollen: This bill 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 mandate that broker-dealers provide risk warning labels regarding the potential lack of legal recourse for investors in these VIEs.
The bipartisan Secure America’s Finance Exchanges (SAFE) Act, cosponsored by Senators Marsha Blackburn, Bill Cassidy, Cindy Hyde-Smith, and John Kennedy: This act requires the SEC to implement specific disclosure requirements for Chinese-based companies seeking access to U.S.-based Exchanges through Initial Public Offerings (IPOs).
The Transaction and Securing Knowledge (TASK) Act, cosponsored by Senators Marsha Blackburn and Bill Cassidy: This legislation directs the SEC to report on specific sourcing and transaction activities within the Xinjiang province (a region associated with forced labor) and to require an annual report on the presence of any Chinese Communist Party (CCP) committee members in company operations, as well as a summary of the actions and corporate decisions in which these committees may have participated.
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The bipartisan Protecting American Capital Act, co-led with Senator Jeanne Shaheen: This act 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: This act expands the jurisdiction of existing U.S. investment restrictions targeting Chinese entities placed on the Non-SDN Chinese Military-Industrial Complex Companies (NSCMIC) List and establishes that Chinese companies sanctioned under one U.S. authority should be automatically sanctioned under all other authorities.
“It’s putting our national security and the security of Americans’ investments at risk. 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 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.”
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