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U.S. Representatives John Rose (R-TN) and Jennifer Wexton (D-VA) led 22 Members of the House of Representatives in a bipartisan letter requesting the Securities and Exchange Commission (SEC) require the Chinese company Shein, the world’s largest fast-fashion company, to certify that their products do not utilize Uyghur forced labor. It has been reported that Shein is preparing for a U.S. Initial Public Offering (IPO) by the end of this calendar year.
There are credible allegations of the company’s use of underpaid and forced labor in the Xinjiang Uyghur Autonomous Region (XUAR), and these Members are demanding transparency and seeking independent verification – free from state influence – that the company does not use Uyghur forced labor before it is allowed to register on U.S. exchanges.
“We strongly believe that the ability to issue and trade securities on our domestic exchanges is a privilege and that foreign companies wishing to do so must uphold a demonstrated commitment to human rights across the globe," wrote the Members.
President & CEO of the American Securities Association, Chris Iacovella said, “We strongly support this bipartisan effort to force U.S. stock exchanges to protect human rights and it’s past time they stopped allowing CCP-controlled companies like this from accessing our markets.”
In addition to Reps. Rose and Wexton, the letter is signed by:
Reps. Gregory Meeks (D-NY), French Hill (R-AR), James McGovern (D-MA), Chris Smith (R-NJ), Earl Blumenauer (D-OR), Linda Sánchez (D-CA), Blaine Luetkemeyer (R-MO), Eric A. “Rick” Crawford (R-AR), John Moolenaar (R-MI), Alex X. Mooney (R-WV), Seth Moulton (D-MA), Neal P. Dunn, M.D. (R-FL), Ralph Norman (R-SC), Haley Stevens (D-MI), Jake Auchincloss (D-MA), Scott Fitzgerald (R-WI), C. Scott Franklin (R-FL), Carlos A. Giménez (R-FL), August Pfluger (R-TX), Michael V. Lawler (R-NY), Zach Nunn (R-IA), and Jill Tokuda (D-HI).
The full text of the letter can be found here.
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