Flags of the US and China are placed ahead of a meeting between US Secretary of Agriculture Sonny Perdue and China’s Agriculture Minister Han Changfu at the Ministry of Agriculture in Beijing on June 30, 2017.
Jason Lee | AFP | Getty Images
A bill that could force Chinese companies to give up their listings on American stock exchanges is now moving at “warp speed” after the U.S. Senate passed the legislation on Wednesday, Raymond James told its clients Thursday morning.
Though a vote has not been scheduled yet in the House of Representatives, the fact that the Holding Foreign Companies Accountable Act cleared the Senate via unanimous consent signals both the widespread mistrust of China on Capitol Hill as well as the likelihood of its becoming law before long, wrote Washington policy analyst Ed Mills.
“We believe there will be a significant push for the legislation to be taken up in the coming weeks, and we believe it is only a matter of time before this bill (or something similar) is signed into law,” Mills wrote.
“In the current political environment, few, if any, Member of Congress wants to be seen as supporting China – making opposition to this legislation almost non-existent,” he added. Mills noted that even the bill becomes law it will likely take several years before delisting requirements would start to kick in.
The Senate bill, sponsored by Louisiana Republican Sen. John Kennedy, would require companies to certify that “they are not owned or controlled by a…
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