Connect with us

Hi, what are you looking for?

Business

Rick Scott Showcases Proposal to Protect American Investors From China

This week, U.S. Sen. Rick Scott, R-Fla., showcased the “Trading and Investing with Clear Knowledge & Expectations about Risk (TICKER) Act.”

Scott showcased the bill on Thursday.

“The bipartisan TICKER Act aims to protect American investors from risky investments in Variable Interest Entities (VIE), which was one of the key recommendations of the US-China Economic and Security Review Commission in their latest report to Congress,” Scott’s office noted.

“Every day, American investors unknowingly invest their hard-earned dollars in entities linked to, owned or controlled by the Communist Chinese regime. These investments carry enormous risks and could result in massive but completely preventable losses. Passing the TICKER Act will ensure that the Securities and Exchange Commission (SEC) uses its resources and authority to protect both U.S. investors and American financial markets, and creates greater transparency regarding the grave risks posed by entities linked to Communist China,” Scott said.

U.S. Sen. Chris Van Holen, D-Mary., is co-sponsoring the proposal.

“Following the passage of my Holding Foreign Companies Accountable Act, the SEC is already taking action to help ensure Chinese companies operating on US markets are held to the same standards as other foreign companies, in order to better protect American investors. This legislation will go a step further by ensuring investors are aware of particularly risky foreign companies that leave investors without any legal recourse or direct ownership interests, and ensure they have the tools necessary to make informed decisions about their holdings,” Van Holen said.

“Within 180 days after becoming law, the TICKER Act would require the Securities and Exchange Commission to make clear to investors the potential high risk for investments in VIEs linked to foreign companies, including those based in the People’s Republic of China, by: 1 Using stock trading symbols to identify VIEs on U.S. exchanges. 2. Requiring that broker-dealers provide risk warning labels on the potential lack of legal recourse for investors for their investments in VIEs,” Scott’s office noted.

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

Author

  • Kevin Derby

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

    View all posts
Share Story Via Text, E-Mail, Facebook or Twitter
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow Us on Social Media

Ed Dean: Publisher

 

Ed Dean is a leading radio and news media personality including hosting the #1 statewide radio talk show in Florida. Contact Ed.Dean@FloridaDaily.com

Article Archives

Related Stories

Healthcare

Florida Senator Rick Scott (R) joined fellow Florida Senator Marco Rubio (R, Senator Jerry Moran (R-Kan.) and 17 of their colleagues in urging Department...

Attorney General Ashley Moody

Getting your Trinity Audio player ready... Florida Attorney General (AG) Ashley Moody and Florida U.S. Senator Rick Scott met with a group of seniors...

Economy

Earlier today, Florida Senator Rick Scott announced a package of three finance-focused bills to hold Communist China accountable and safeguard American investors. “Communist China...

Most Recent

Getting your Trinity Audio player ready... Earlier today, Florida junior US Senator Rick Scott released a weekly update on his actions to address America’s...

Immigration

Florida Sen. Rick Scott joined Kentucky Sen. Rand Paul to request a hearing regarding the threat of terrorism along the southern border with Mexico....

Elections

Getting your Trinity Audio player ready... Results from a poll recently conducted by the University of North Florida (UNF) show the state’s junior U.S....

Economy

Earlier today, Florida Senator Rick Scott (R) released the following statement along with a weekly update on his actions to address America’s debt crisis...

Florida Politics

Getting your Trinity Audio player ready... The Florida Democratic Party (FDP) chairwoman praised President Joe Biden‘s recent executive action to limit border entries. Biden’s...