excalibur
Diamond Member
- Mar 19, 2015
- 21,503
- 41,546
- 2,290
Biden is a gross incompetent who is in the back pocket of the CCP.
...
Congress has taken decisive bipartisan action to force companies that flout the PCAOB off U.S. markets, but the CCP probably won’t accept such accountability graciously. In fact, President Xi Jinping’s regime is becoming more belligerent by the day. It’s up to President Biden to protect American investors as the CCP vies for global leadership.
He can do that by enforcing and building on the Holding Foreign Companies Accountable Act, which Democrats and Republicans came together to pass last year. The law removes firms from American stock exchanges if they refuse PCAOB auditing for three years in a row.
China’s foreign-ministry spokesperson gave us a clue as to how much the law could disrupt the CCP’s economic strategy when she railed against it as “an unjustified political crackdown on Chinese enterprises.” The crackdown is, to the contrary, wholly justified. We are not asking Chinese companies to do anything that we don’t require all other companies, foreign and domestic, to do.
Unfortunately, President Biden has — perhaps unintentionally — made it harder to counter the CCP’s devilry. As the PCAOB prepared to implement the Holding Foreign Companies Accountable Act, he decided to replace its leadership. That slowed the watchdog’s plans to call on Chinese companies to show their hand. It’s a mistake to think President Xi hasn’t noticed.
Thankfully, there’s room for President Biden to course-correct. He could re-empower the PCAOB and protect Americans and their savings by supporting the Accelerating Holding Foreign Companies Accountable Act, which would give firms just two consecutive years — not three — to let the PCAOB audit their records.
...
Congress has taken decisive bipartisan action to force companies that flout the PCAOB off U.S. markets, but the CCP probably won’t accept such accountability graciously. In fact, President Xi Jinping’s regime is becoming more belligerent by the day. It’s up to President Biden to protect American investors as the CCP vies for global leadership.
He can do that by enforcing and building on the Holding Foreign Companies Accountable Act, which Democrats and Republicans came together to pass last year. The law removes firms from American stock exchanges if they refuse PCAOB auditing for three years in a row.
China’s foreign-ministry spokesperson gave us a clue as to how much the law could disrupt the CCP’s economic strategy when she railed against it as “an unjustified political crackdown on Chinese enterprises.” The crackdown is, to the contrary, wholly justified. We are not asking Chinese companies to do anything that we don’t require all other companies, foreign and domestic, to do.
Unfortunately, President Biden has — perhaps unintentionally — made it harder to counter the CCP’s devilry. As the PCAOB prepared to implement the Holding Foreign Companies Accountable Act, he decided to replace its leadership. That slowed the watchdog’s plans to call on Chinese companies to show their hand. It’s a mistake to think President Xi hasn’t noticed.
Thankfully, there’s room for President Biden to course-correct. He could re-empower the PCAOB and protect Americans and their savings by supporting the Accelerating Holding Foreign Companies Accountable Act, which would give firms just two consecutive years — not three — to let the PCAOB audit their records.
...
Biden Must Act as Beijing Targets U.S. Savings | National Review
It’s up to the president to protect American investors as China vies for global leadership.
www.nationalreview.com