Connect with us

Hi, what are you looking for?

Florida Government & Politics

Marco Rubio Wants More Oversight for Chinese IPOs

Last week, U.S. Sen. Marco Rubio, R-Fla., introduced a bill “to prohibit initial public offerings (IPOs) on U.S. exchanges for Chinese companies that are out of compliance with U.S. regulators.”

Last week, U.S. Sen. Marco Rubio, R-Fla., introduced a bill “to prohibit initial public offerings (IPOs) on U.S. exchanges for Chinese companies that are out of compliance with U.S. regulators.”

Last week, U.S. Sen. Marco Rubio, R-Fla., introduced a bill “to prohibit initial public offerings (IPOs) on U.S. exchanges for Chinese companies that are out of compliance with U.S. regulators.”

Rubio brought out the “No IPOs for Unaccountable Actors Act” with U.S. Sen. Bob Casey, D-Penn., as the only co-sponsor.

“This legislation would direct the Securities and Exchange Commission (SEC) to prohibit any company headquartered in a jurisdiction in which the Public Company Accounting Oversight Board (PCAOB) lacks full auditing authority, or that retains an auditor PCAOB cannot inspect, from registering a security and making an IPO on a U.S. stock exchange. This would prevent Chinese companies from issuing IPOs or listing on American exchanges through SPACs,” Rubio’s office noted.

“As unbelievable as it may sound, companies from across the world who wish to list on American exchanges must comply with audit inspection standards — except for those from China,” Rubio said. “There is no reason why China should be able to bypass our securities laws yet reap the benefits of listing on our exchanges. It’s time for China to play by the rules and cease exploiting the openness of U.S. capital markets.”

The bill was sent to the U.S. Senate Banking, Housing, and Urban Affairs Committee. So far, there is no companion measure in the U.S. House.

 

Reach Kevin Derby at [email protected].

 

Author

  • Kevin Derby

    Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

    View all posts

Archives

Related Stories

Political News

Earlier today, the Associated Press reported that Lara Trump, daughter-in-law of President-Elect Donald Trump, has resigned as co-chair of the Republican National Committee (RNC)...

Political News

You may see Florida officials serving key cabinet posts in the Trump administration.Florida Sen. Marco Rubio may be chosen to serve as Secretary of...

Political News

Senators Rick Scott and Marco Rubio sent a letter to U.S. Department of Human Health Services (HHS) Secretary Xavier Becerra requesting the use of...