ASA Applauds Biden EO Banning American Investment in Companies Financing Communist China
ASA strongly supports today’s action by the Biden Administration to prioritize America’s economic and national security interests.
WASHINGTON – The American Securities Association (ASA) today applauded the Biden Administration for issuing an Executive Order on “Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China.”
“ASA strongly supports today’s action by the Biden Administration to prioritize America’s economic and national security interests by continuing the previous Administration’s crackdown on Communist China’s infiltration of the U.S. capital markets,” said ASA CEO Chris Iacovella. “For far too long, the CCP has taken advantage of regulatory loopholes to fund its military rise, a cyber army that attacks us, ‘re-education camps’ used to perpetrate crimes against humanity on its own citizens, the use of slave labor in violation of international law, and its new position as the world’s leading polluter.”
“We look forward to continuing to work with the Biden Administration and the SEC to protect every American investor by closing the passive index loophole and ensuring the swift implementation of the Holding Foreign Companies Accountable Act.”
For years, ASA has been at the forefront of advocacy to end China’s fraud on our markets. 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/.