Steve Bannon group pushes for US to block Chinese corporations

Steve Bannon group pushes for US to block Chinese companies

An anti-China advocacy team that involves previous White Property adviser Steve Bannon is calling on the Trump administration to exclude Chinese providers from US fiscal marketplaces, as the White Home experiments new ways to crack down on China.

In a letter dated Thursday, The Committee on the Existing Threat: China (CPDC) urged Treasury Secretary Steven Mnuchin to make the go in gentle of a the latest Senate report that identified deficient oversight of Chinese point out-owned telecoms companies running in the US.

It also comes following President Trump tasked a working group on economic markets, which incorporates Mnuchin, with researching US-outlined Chinese corporations with an eye to secure American investors.

China hawks in Washington have elevated concerns that US traders in Chinese corporations are vulnerable to unforeseen hazards mainly because they are not topic to the very same auditing and disclosure procedures as American firms.

The letter from the group, whose membership also consists of hedge fund manager Kyle Bass, notes that the Chinese corporations flagged by the Senate report — China Telecom Americas, China Unicom Americas, and ComNet United states, as well as China Cellular, which was ousted from US consumer marketplaces previous year — have tapped US money marketplaces to assist underwrite their allegedly “malevolent pursuits.”

The document urges Mnuchin’s functioning group to discover that “Chinese providers might not be stated or traded on US equity and debt exchanges … except if they conform to all related US legislation, accounting benchmarks and other economic sector laws.”

The corporations did not quickly reply to requests for comment. The Treasury did not answer to a request for comment, but a Treasury Section official who declined to be named acknowledged the letter experienced been gained.

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The letter will come amid escalating strain on Chinese telecoms providers working in the US. In April, the US Justice Department and other federal organizations identified as on the Federal Communications Commission to revoke China Telecom (Americas) Corp.’s authorization to supply international telecommunications expert services to and from the US.

Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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