The World Against China: US Senators Introduce Bipartisan Bill to Stop China’s Expansion into Latin America
The US Congress has renewed its efforts to stunt China’s global expansion with Democrats and Republicans in the Senate Committee on Foreign Relations joining hands to push for a new law that strengthens US-Latin America partnership, countering Beijing’s economic, security, and intelligence activities in the region.
The legislation—the Advancing Competitiveness, Transparency, and Security in the Americas Act—was introduced in the Senate on 14 August by Democrat Bob Menendez and Republican Marco Rubio alongside a number of other senators, including Ben Cardin, Tim Kaine, and Ted Cruz.
The new legislation aims to improve the US’s diplomatic and economic ties with Lain America with a view to strengthening economic competitiveness, safeguarding digital infrastructure, and addressing abuse of human rights through digital surveillance in the region. It is considered to be the most significant and groundbreaking bipartisan effort to contain China’s expansion into Latin America and the Caribbean ever.
The legislation covers four major areas, namely the US’s economic and diplomatic presence in the region, countering malign economic practice, securing physical and digital infrastructure, and supporting civil society. The law provides for an array of measures. Eligibility for US International Development Finance Corporation (DFC) initiatives, for one, will be extended to Caribbean countries. Futhermore, 35 percent of the DFC’s budget will be dedicated to Latin America and the Caribbean in the next 10 years. In addition, it will give access to a US$10-million fund for the purpose of promoting internet freedom and fostering civil society. The law will also require the Secretary of State to further educational, professional, and cultural exchanges so as to counter the Chinese government’s influence in the region.
#US #LatinAmerica #SouthAmerica #Caribbean #China #Congress #Senate #DFC #Diplomacy
Source: Apple Daily #Aug16
https://bit.ly/2YR9T8y
The US Congress has renewed its efforts to stunt China’s global expansion with Democrats and Republicans in the Senate Committee on Foreign Relations joining hands to push for a new law that strengthens US-Latin America partnership, countering Beijing’s economic, security, and intelligence activities in the region.
The legislation—the Advancing Competitiveness, Transparency, and Security in the Americas Act—was introduced in the Senate on 14 August by Democrat Bob Menendez and Republican Marco Rubio alongside a number of other senators, including Ben Cardin, Tim Kaine, and Ted Cruz.
The new legislation aims to improve the US’s diplomatic and economic ties with Lain America with a view to strengthening economic competitiveness, safeguarding digital infrastructure, and addressing abuse of human rights through digital surveillance in the region. It is considered to be the most significant and groundbreaking bipartisan effort to contain China’s expansion into Latin America and the Caribbean ever.
The legislation covers four major areas, namely the US’s economic and diplomatic presence in the region, countering malign economic practice, securing physical and digital infrastructure, and supporting civil society. The law provides for an array of measures. Eligibility for US International Development Finance Corporation (DFC) initiatives, for one, will be extended to Caribbean countries. Futhermore, 35 percent of the DFC’s budget will be dedicated to Latin America and the Caribbean in the next 10 years. In addition, it will give access to a US$10-million fund for the purpose of promoting internet freedom and fostering civil society. The law will also require the Secretary of State to further educational, professional, and cultural exchanges so as to counter the Chinese government’s influence in the region.
#US #LatinAmerica #SouthAmerica #Caribbean #China #Congress #Senate #DFC #Diplomacy
Source: Apple Daily #Aug16
https://bit.ly/2YR9T8y
US House of Representatives Expected to Pass the Holding Foreign Companies Accountable Act to Delist Chinese Companies
United States House of Representatives is going to consider the Holding Foreign Companies Accountable Act on Wednesday 2 Dec. The Act requires companies to disclose whether they are owned or controlled by a foreign government. The Act is expected to pass smoothly, indicating that China Concept Stocks or Chinese corporations listed in the US will further be regulated. Some companies that fail to comply with the rule will be suspended from trading or removed from the US market.
Republican Senator John Kennedy and Democratic Senator Chris Van Hollen introduce The Holding Foreign Companies Accountable Act. The measure requires foreign companies to meet the auditing standards set up by the Public Company Accounting Oversight Board (PCAOB). Companies will be forbidden from being listed on any US exchange if it has failed to comply with PCAOB’s audits for three years in a row. Besides, if companies fail to provide evidence showing that they are not controlled by a foreign government, they cannot be listed in the US market.
The Senate passed the bill in mid-May unanimously. Holding Foreign Companies Accountable Act is scheduled for consideration in the House of Representatives on Wednesday 2 Dec. The bill is expected to be passed by both parties unanimously.
Source: Stand News #Dec02
#US #HouseofRepresentatives #HoldingForeignCompaniesAccountableAct #China #ChinaConceptStocks #Senate #PublicCompanyAccountingOversightBoard #PCAOB #JohnKennedy #ChrisVanHollen
https://bit.ly/2Ks9sxB
United States House of Representatives is going to consider the Holding Foreign Companies Accountable Act on Wednesday 2 Dec. The Act requires companies to disclose whether they are owned or controlled by a foreign government. The Act is expected to pass smoothly, indicating that China Concept Stocks or Chinese corporations listed in the US will further be regulated. Some companies that fail to comply with the rule will be suspended from trading or removed from the US market.
Republican Senator John Kennedy and Democratic Senator Chris Van Hollen introduce The Holding Foreign Companies Accountable Act. The measure requires foreign companies to meet the auditing standards set up by the Public Company Accounting Oversight Board (PCAOB). Companies will be forbidden from being listed on any US exchange if it has failed to comply with PCAOB’s audits for three years in a row. Besides, if companies fail to provide evidence showing that they are not controlled by a foreign government, they cannot be listed in the US market.
The Senate passed the bill in mid-May unanimously. Holding Foreign Companies Accountable Act is scheduled for consideration in the House of Representatives on Wednesday 2 Dec. The bill is expected to be passed by both parties unanimously.
Source: Stand News #Dec02
#US #HouseofRepresentatives #HoldingForeignCompaniesAccountableAct #China #ChinaConceptStocks #Senate #PublicCompanyAccountingOversightBoard #PCAOB #JohnKennedy #ChrisVanHollen
https://bit.ly/2Ks9sxB