Sens. John Kennedy, Chris Van Hollen introduce an amendment to the National Defense Authorization Act that would prohibit securities of a company from being listed on any U.S. exchange if it has failed to comply with the Public Company Accounting Oversight Board’s audits for three years in a row, according to a joint statement by the senators.
- Bipartisan amendment would also require public companies to disclose whether they are owned or controlled by a foreign government
- Note: China currently doesn’t allow PCAOB to inspect audits of companies registered in China and Hong Kong, according to statement
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