Trump encouraged to delist Chinese companies that don’t comply with US accounting standards
The group suggested the SEC enhance listing standards on U.S. exchanges
A White House working group on Thursday told President Trump that Chinese companies on U.S. exchanges that don’t comply with U.S. accounting rules should be delisted from U.S. exchanges.
The President's Working Group on Financial Markets released a report regarding the risks posed to U.S. investors in the financial markets by the Chinese government’s refusal to allow audit firms access, suggesting that the Securities and Exchange Commission enhance its listing standards on U.S exchanges.
CHINESE-OWNED COMPANIES RECEIVED MILLIONS IN PPP LOANS, ANALYSIS SHOWS
“The PWG unanimously recommends that the Securities and Exchange Commission take steps to enhance the listing standards on U.S. exchanges for access to audit work papers, among other recommendations,” Treasury Secretary Steven T. Mnuchin, chairman of the PWG, said in a statement. “The United States is the premier jurisdiction in the world for raising capital, and we will not compromise on the core principles that underpin investor confidence in our capital markets.”
TRUCK DRIVER: OHIO VOTERS WILL PICK TRUMP ECONOMIC AGENDA OVER 'CHINA-FRIENDLY' BIDEN
Enhancing listing standards could require access to audit data as a condition for continual listing.
The group advocates a transitional period, suggesting currently listed companies should comply by 2022.
CLICK HERE TO READ MORE ON FOX BUSINESS
The group released the recommendations on Thursday in response to a memorandum issued by Trump in early June.
GET FOX BUSINESS ON THE GO BY CLICKING HERE