⁍ Marco Rubio has introduced legislation to block access to U.S. capital markets for Chinese companies that have been blacklisted by Washington.
⁍ The bill would bar U.S. investment firms, retirement funds, and insurance companies from taking stakes in Chinese companies that have been placed on a trade black list.
⁍ Rubio: ‘The Chinese Communist Party’s exploitation of U.S. capital markets is a clear and ongoing risk to U.S. economic and national security
– Sen. Marco Rubio has introduced a bill that would ban US investment firms, retirement funds, and insurance companies from taking stakes in Chinese companies blacklisted by Washington for human rights violations or military support, Reuters reports. The Chinese Communist Party’s “exploitation of US capital markets is a clear and ongoing risk to US economic and national security that must be addressed,” Rubio says in a statement. The bill would also bar blacklisted Chinese companies from trading on US exchanges for a year. “It’s a dark day for those on Wall Street who assumed that mainland-listed Chinese companies would continue to have unfettered access to the unregulated and unscreened ‘back door’ into US capital markets via Exchange-traded funds (ETFs) benchmarked against indices,” says Roger Robinson, a former White House official who has sought tougher controls on Chinese companies in US capital markets.
Source: https://www.reuters.com/article/us-usa-china-markets/rubio-unveils-bill-to-kick-blacklisted-chinese-firms-out-of-us-markets-idUSKBN27C25B