- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-02T19:16:00
Two dozen lawmakers have demanded the Securities and Exchange Commission (SEC) require an independent third party to verify fast-fashion retailer Shein does not use Uyghur forced labor before allowing it to go public.
The letter sent Monday to SEC Chair Gary Gensler from Reps. Jennifer Wexton (D-Va.), John Rose (R-Tenn.), and 22 additional members of Congress asked that any potential initial public offering (IPO) for Shein be delayed until such an inquiry can be conducted.
“We strongly believe that the ability to issue and trade securities on our domestic exchanges is a privilege and that foreign companies wishing to do so must uphold a demonstrated commitment to human rights across the globe,” the letter said.
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The Department of Homeland Security announced a new strategy set to help close a loophole that allows certain textile-related shipments from China to enter the United States without scrutiny under the Uyghur Forced Labor Prevention Act.
The Department of Homeland Security designated three companies to a growing list accused by the Biden administration of forced labor practices in the Xinjiang region of China.
President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
It’s been nearly two years since the Uyghur Forced Labor Prevention Act took effect, and as enforcement statistics and recent reports demonstrate, many businesses are still not adequately vetting their supply chains.
Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
