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WASHINGTON, D.C. – The American Securities Association (ASA) today applauded the introduction of four pieces of legislation to mitigate the strategic, commercial, and national security threats posed by China to the American economy and financial markets.
“ASA applauds the bipartisan effort by Congresswoman Victoria Spartz (R-IN) and Congressman Brad Sherman (D-CA) for introducing four pieces of legislation that will mitigate the strategic, commercial, and national security threats posed by China to the American economy and our financial markets. Prohibiting Chinese stocks from being included in index funds will protect American investors and prevent the Chinese Communist Party from using American capital to fund its military technologies, indiscriminate climate destruction, and gross human rights violations,” said ASA President & CEO Chris Iacovella. “Stopping the CCP from accessing the American capital it needs to fund its aggression is necessary to secure America’s economic and national security. We look forward to helping Representatives Spartz and Sherman turn these commonsense bipartisan policies into law.”
The legislative package, according to Congresswoman Spartz and Congressman Sherman, would end tax breaks for Chinese stocks, restrict sanctioned Chinese companies’ access to U.S. capital markets, increase transparency on risks to American corporations, and reduce exposure to these risks for retail investors and other Americans saving for retirement.
More information on the package of legislation can be found here.
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About the American Securities Association
American Securities Association, based in Washington, DC, represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.