This week, U.S. Sen. Rick Scott, R-Fla., sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton urging the SEC to immediately implement the recommendations of the President’s Working Group on Financial Markets to further safeguard American investors from the threat of Communist China. Scott has been calling for additional protections and warnings for investors about the risks associated with Chinese-based companies trading publicly on U.S. exchanges.
Scott’s letter is below.
Dear Chairman Clayton,
I write to thank you for your ongoing efforts to protect American investors and businesses from the threat of Communist China.
Communist China is flouting U.S. laws, defrauding our citizens and harming American investments. Everything a business does in Communist China is shared directly with a government that is jailing its people for their religious beliefs, refuses to respect basic human rights and is building up their industrial and military strength in an effort to dominate the world.
On August 6th, you and your colleagues on the President’s Working Group (PWG) on Financial Markets released the Report on Protecting Investors from Significant Risks from Chinese Companies. As you know, this report contains five unanimously approved recommendations that would further safeguard American investors from the threat of Communist China.
I appreciate the attention given to this urgent issue by the U.S. Securities and Exchange Commission (SEC) since we began discussing it several months ago. I am committed to working in Congress to provide any additional authorities necessary to require disclosures for investors, outlining the alarming reality of the risks they face by investing their hard earned dollars in companies doing business with Communist China. I thank you and the other members of the PWG for taking this important first step to hold Communist China accountable and protect American investors, and I encourage the SEC to take action to implement these recommendations as soon as possible.
I stand ready to continue work with the SEC to find the best ways to implement the PWG’s recommendations, and to protect investors from the dangers of Chinese-based companies trading publicly on U.S. exchanges.