December 15, 2022

Van Hollen Statement on First PCAOB Inspections of China-based Companies

Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing, and Urban Affairs Committee and co-author of the Holding Foreign Companies Accountable Act, released the following statement regarding the PCAOB’s first action to inspect China-based companies following the SEC-PCAOB agreement this August implementing the Holding Foreign Companies Accountable Act:

“When we authored the Holding Foreign Companies Accountable Act and fought to pass it into law, we wanted to ensure that all foreign companies operating in U.S. markets – regardless of where they’re based – were held to the same standards. Today’s progress shows the importance of our legislation, and I commend the PCAOB for getting this done. Moving forward we must continue to closely monitor China’s compliance to the agreement – we’ll be watching what they do, not just what they say.”