ASA Backs Bipartisan No IPOs for Unaccountable Actors Act
Calls on U.S. exchanges to immediately halt new IPOs and delist Chinese companies.
WASHINGTON – The American Securities Association (ASA) today announced its support for the No IPOs for Unaccountable Actors Act, bipartisan legislation sponsored by Senator Marco Rubio (R-FL) and Senator Bob Casey (D-PA), to prohibit initial public offerings (IPOs) on U.S. exchanges for Chinese companies that are out of compliance with U.S. regulations.
“ASA strongly supports Senators Rubio and Casey for their bipartisan efforts to ban Chinese Communist Party-controlled companies who skirt our securities laws from accessing the U.S. capital markets and defrauding America’s mom-and-pop investors,” said ASA CEO Chris Iacovella. “While Congress should quickly pass the No IPOs for Unaccountable Actors Act, it’s also time for U.S. exchanges to ensure American investor money is not used to finance Beijing’s egregious human rights abuses and genocide by immediately halting Chinese company IPOs and delisting every Chinese company from their exchange until those companies can prove they are NOT controlled by the CCP.”
For years, ASA has been at the forefront of advocacy to end China’s fraud on our markets. Earlier this month, ASA applauded the Biden Administration for issuing an Executive Order banning American investment in companies financing Communist China. In March, ASA submitted testimony ahead of a U.S. – China Economic and Security Review Commission hearing on U.S. investment in China’s capital markets and military-industrial complex. In December, ASA penned a Letter to the Editor of the Wall Street Journal calling for real audits for Chinese firms. To read ASA CEO Iacovella’s op-ed in RealClearPolitics, click here.
ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.