Bipartisan legislation in both houses of Congress proposes to increase oversight on foreign-based companies listed on U.S. exchanges and delist those that fail to comply in three years.
The act is meant to send a message especially to the Chinese government, which for years has blocked U.S-listed companies and their auditors in China from cooperating with U.S. regulators. The proposed legislation also seeks to better inform U.S. investors in the meantime of companies that are trading on U.S. exchanges without complying with listing requirements.
