Duval Times

Today, Senator Rick Scott introduced a series of five bills in Washington, D.C., designed to protect American investors and address concerns about Communist China's influence in U.S. markets. The legislative package includes the Trading and Investing with Clear Knowledge & Expectations about Risk (TICKER) Act, the Protecting American Capital Act, the Secure America’s Financial Exchanges (SAFE) Act, the Transaction and Sourcing Knowledge (TASK) Act, and the Sanction Transactions Originating from Pernicious Chinese Companies and Policies (STOP CCP) Act. This initiative seeks to hold Communist China accountable by expanding sanctions, closing existing sanctions loopholes, promoting transparency and accountability through disclosure requirements, and protecting investors from risky CCP-backed actors in the markets.

Senator Rick Scott stated, "Communist China has made clear they’re willing to use any means necessary to become the dominant global power, including exploiting Americans, our financial markets, and our economy. For too long, Chinese companies have been given free rein to lie, cheat, and circumvent the laws and regulations of the United States and intentionally keep Americans in the dark while the Communist Party of China benefits. It’s putting our national security and the security of Americans’ investments at risk. Communist China is our adversary, and now that President Trump is back in the White House, it’s about time we make clear to Communist China that they will be held fully accountable and play by the rules and laws of the United States. My legislative package makes critical changes to crack down on Communist China’s influence in U.S markets, and bring the change needed to keep Americans’ dollars out of the hands of our enemy and close loopholes that Communist China is using to exploit our markets and put our national and economic security at risk."

The legislative package includes several acts. The TICKER Act, co-led by Senator Chris Van Hollen, mandates the Securities and Exchange Commission (SEC) to identify Variable Interest Entities linked to Chinese companies on U.S. exchanges and requires broker-dealers to provide risk warnings for such investments. The SAFE Act, backed by Senators Marsha Blackburn, Bill Cassidy, Cindy Hyde-Smith, and John Kennedy, obligates the SEC to enforce disclosure requirements for Chinese-based companies entering U.S. exchanges.

The TASK Act, cosponsored by Senators Marsha Blackburn and Bill Cassidy, instructs the SEC to report on sourcing and transaction activities in the Xinjiang province and annually check for CCP committee members in relevant operations. The Protecting American Capital Act, co-led with Senator Jeanne Shaheen, necessitates the U.S. Department of the Treasury to report financial exposures within Chinese sectors. Lastly, the STOP CCP Act, supported by Senators Marsha Blackburn and Cindy Hyde-Smith, extends investment restrictions and opens up automatic sanctions under multiple authorities for sanctioned Chinese companies.