All about US Senate bill passed.
                     All about US Senate bill passed
More tensions with China
The US Senate passed a bill on Wednesday that 
could force some Chinese companies to de-list 
from US exchanges if they do not comply with 
American accounting regulations. The bill must 
pass the House of Representatives and be signed 
by Donald Trump to become law.
Source: Google Images
Who brought it forward?
The measure, sponsored by Republican Senator 
John Kennedy and Democratic Senator Chris 
Van Hollen, passed by unanimous consent. 
However, it must pass the House of 
Representatives and be signed by President 
Donald Trump to become law.
Source: Google Images
The bill
"The Holding Foreign Companies Accountable 
Act" bars securities of any company from being 
listed on any US securities exchange if it has 
failed to comply with the US Public Company 
Accounting Oversight Board's audits for three 
years in a row.
Source: Google Images
Targeted at China
The measure also would require public companies 
disclose whether they are owned or controlled by a 
foreign government. The bill is written to apply to 
all foreign companies, but it is targeted at China, 
and follows intense criticism of Beijing by 
Republican President Donald Trump that has been 
echoed by Republican and Democratic lawmakers
Source: Google Images
Chinese companies in trouble
The Public Company Accounting Oversight 
Board, which audits the accounts of public 
companies is prohibited from inspecting the 
accounts of companies registered in China or 
Hong Kong, according to one of the bill’s 
sponsors, John Kennedy, a Republican senator 
from Louisiana.
What it means?
This bill means that Chinese companies such as 
Alibaba Group Holding Ltd. and Baidu Inc. being 
barred from listing on U.S. stock exchanges amid 
increasingly tense relations between the world’s 
two largest economies. Chinese tech-giant 
Huawei is already facing troubles with the U.S 
Government.
Source: Google Images
China’s dark business
U.S. lawmakers have raised red flags over the 
billions of dollars flowing into some of China’s 
largest corporations. Alarm has grown in 
particular that American money is bankrolling 
efforts by the country’s technology giants to 
develop leading positions in everything from 
artificial intelligence and autonomous driving to 
data collection
Source: Google Images
Broad support
In a sign of broad support for the measure, 
Representative Brad Sherman, a California 
Democrat on the House Financial Services 
Committee, introduced a companion bill in that 
chamber and said that Nasdaq moved this week 
to delist China-based Luckin Coffee after 
executives at the company admitted fabricating 
$310 million in sales.
Source: Google Images
More trouble for China
House leaders are discussing the legislation and a 
separate Senate-passed bill to sanction Chinese 
officials over human rights abuses against Muslim 
minorities, the Uyghurs, with lawmakers and 
members of the relevant committees. The Senate 
measure is an example of the rising bipartisan 
pushback against China in Congress that had been 
building over trade and other issues.
Source: Google Images