ASA Backs Rubio Bill to Ban CCP Military Companies from U.S. Exchanges

For far too long, the Chinese Communist Party has used our capital markets to exploit American investors and working families.

WASHINGTON – The American Securities Association (ASA) today applauded the introduction of the American Financial Markets Integrity and Security Act, led by Senator Marco Rubio (R-FL), to protect American investors by banning the trading of Chinese Communist Party-controlled military companies on American exchanges.

“For far too long, the Chinese Communist Party has used our capital markets to exploit American investors and working families saving for retirement to fund a military that perpetrates egregious environmental and human rights injustices,” said ASA CEO Chris Iacovella. “Senator Rubio’s American Financial Markets Integrity and Security Act is a common sense bill that prioritizes the economic and national security interests of every American investor. It’s only right to prevent a company on the U.S. Government ‘do not do business with’ list (the entity list) from selling its shares to American investors.”

“ASA also applauds the Biden administration and the New York Stock Exchange for recently protecting investors by de-listing Cnooc Ltd., a Chinese big oil company with ties to the CCP’s military and a constant contributor to the destruction of the environment. We are pleased to see Washington come together with strong bipartisan support to end China’s fraud on our markets and will continue to be a helpful partner to all policymakers in this area.”

ASA has been at the forefront of advocacy to end China’s fraud on our markets. 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.

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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/.