Former SEC chair Jay Clayton told the House Select Committee on the Chinese Communist Party that U.S. businesses should start disclosing their exposure to China for investors' benefit.
House Select Committee on the Chinese Communist Party member Rep. Ashley Hinson, R-Iowa, said that increased transparency will help investors be aware of risks related to China.
"When U.S. capital flows to China, it props up the CCP’s military, genocide and technoauthoritarian aspirations," select committee member Rep. Ashley Hinson, R-Iowa, told FOX Business. "Many Americans are unwittingly funding the CCP’s malign activities, essentially fueling China’s attempted takedown of the United States.
"Increased transparency is vital to strategically decoupling from China, ensuring our long-term economic prosperity, and protecting American workers from China’s destructive policies," she added.Ranking Member Raja Krishnamoorthi, D-Ill., noted that there are over 250 Chinese companies listed on U.S. stock exchanges with a total market cap of over $1 trillion, but those firms don’t follow the same standards in terms of disclosures to protect investors.
"The CCP is cracking down on the very act of disclosing risk," he said during the hearing. "The CCP is doing this by cracking down on due diligence to the point where the U.S. Chamber of Commerce has said that ‘risk can’t be properly assessed.’" Chairman Mike Gallagher, R-Wis., left, and ranking member Rep. Raja Krishnamoorthi, D-Ill., lead the bipartisan Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party."The CCP is so afraid of bad news getting out that they’ve stopped publishing their skyrocketing youth unemployment numbers, and instructed investment banks to avoid publishing politically sensitive data that could make the Chinese economy look bad," Krishnamoorthi added.
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