GOP Sens Urge SEC's Gensler to Investigate Chinese Companies


Security and Exchange Commission Chair Gary Gensler gestures as he speaks before congress
Security and Exchange Commission Chairman Gary Gensler (Chip Somodevilla/Getty Images)

Senate Republicans are urging Security and Exchange Commission Chair Gary Gensler to investigate an alleged bait and switch by the Chinese Communist Party.

Seven Republican Senators urged in a letter Wednesday for Gensler to investigate concerns the CCP coffered money from American investors after ordering its Cyberspace Administration of China (CAC) to investigate a Chinese company shortly after its IPO filing on the New York Stock Exchange (NYSE).

The senators cited the stock price plunged after Beijing-based ride-hailing company Didi Global had its IPO.

"Immediately following the IPO, the CCP's cyber arm, the Cyberspace Administration of China (CAC), opened an investigation into Didi claiming that the company violated Chinese privacy and national security laws," the Senators' letter reads.

"Resulting from this CAC crackdown, Didi's stock price plummeted only two days after its IPO. The timing of the CAC investigation conveniently occurred after the company was able to snatch billions of dollars from American investors."

The letter highlights the "news reports suggest that the CCP will penalize Didi almost $3 billion, which means that these American dollars could be going directly into CCP coffers."

The Republicans letter also pressured Gensler to pursue "expeditious implementation and enforcement" of a bill sponsored by Sen. John Kennedy, R-La., to eliminate China-based companies from United States stock exchanges if they refuse to let federal regulators review their books.

The Senate passed a follow-up bill in June that would speed up the timeline for China-based companies to be booted.

Kennedy and fellow Sens. Tom Cotton, R-Ark., Kevin Cramer, R-N.D., Bill Hagerty, R- Tenn., Marsha Blackburn, R-Tenn., and Rick Scott, R-Fla., all signed the letter.

Comments

Popular posts from this blog

Dr. Vladimir Zelenko has now treated 699 coronavirus patients with 100% success

ORIGIN OF THE AKAN

GARDEN OF EDEN FOUND IN WEST AFRICA

STEP FOUR: LEARN TO PACKAGE YOURSELF

FIVE WAYS A WIFE CAN REST HER HUSBAND ON HER

THE HISTORY AND ORIGIN OF THE ZULU PEOPLE

BRIEF HISTORY OF NKALAHA.

MYSTERY OF IGBO COSMOLOGY

THE ORIGIN AND HISTORY OF UDI by Onyeji Nnaji

THE ORIGIN AND HISTORY OF NSUKKA by Onyeji Nnaji