Washington, D.C. – Congresswoman Elise Stefanik is cosponsoring the Transparency in Chinese Government Investment Act, legislation to ensure that companies listing on U.S. exchanges are transparent about any connection to the Chinese Communist Party (CCP.)
Serious gaps exist in data available to the public that obscure investors’ visibility into Chinese and Chinese-backed companies and the overall U.S.-China economic relationship. This bill would require firms filing annual reports with the SEC to disclose any financial support they receive from the Chinese government.
“I have a strong record working to hold China accountable, particularly in the wake of a global pandemic that the Chinese government attempted to cover up, leading to massive loss of life,” said Congresswoman Stefanik. “This legislation closes the visibility gap and ensures transparency and accountability within the U.S. exchange, so that investors know if a company has ties to an unfriendly foreign power, like the Chinese Communist Party.”
Congresswoman Stefanik previously cosponsored the Holding China Accountable Act, which requires Chinese firms to conform to U.S. accounting standards in order to participate in our capital markets.