WASHINGTON, D.C. – Today, Senator Rick Scott announced the introduction of the Trusted Foreign Auditing Act and the American Investment Accountability Act, led by Congresswoman Elise Stefanik in the House of Representatives, to protect the integrity of America’s financial markets from Chinese Communist Party (CCP) influence and increase transparency of U.S. investments that could benefit adversarial regimes. Despite existing law requiring foreign firms to open their audits to U.S. inspectors, Communist Chinese companies have shielded their books and used auditors under their control to provide dishonest information and undermine U.S. markets while profiting off American investors. These bills will close loopholes used by Communist China by requiring the use of independent auditors and close reporting gaps to ensure American investments are not being used to fund hostile regimes in Communist China, Iran, Russia, and others.

This builds on Senator Scott’s efforts for years to require transparency and accountability of Communist Chinese companies operating on U.S. financial markets. He has supported several key pieces of legislation, including the Holding Foreign Companies Accountable Act which became law in 2020, and has introduced a package of five bills aimed at protecting American investors by cracking down on Communist China’s influence in and exploitation of U.S. financial markets. Senator Scott has also sent letters to the chairman of the U.S. Securities and Exchange Commission, Paul Atkins, and the former chairwoman of the Public Company Accounting Oversight Board, Erica Williams, to brief Congress on the Chinese Communist Party’s influence over U.S. Exchanges. Additionally, in April 2025, Senator Scott held a joint congressional hearing to expose the significant threats Communist China poses to American investments.  

Senator Rick Scott said, “The Chinese Communist Party is actively waging economic warfare against the United States, using compromised auditors and deceptive financial tactics to infiltrate our markets and undermine our national security. These CCP-linked firms continue to evade oversight by U.S. regulators or follow the same reporting and accountability standards required of U.S. companies to intentionally deceive American investors and capitalize off their dollars. I am glad to lead the Trusted Foreign Auditing Act and American Investment Accountability Act with Representative Elise Stefanik to expose and block these threats by cracking down on corrupt auditors and forcing transparency on U.S. investments tied to hostile regimes like Communist China to ensure American taxpayer funds no longer props up our adversaries. It's time to end the CCP’s backdoor access to our economy and defend the integrity of our financial system.”

Chairwoman Elise Stefanik said, “I am proud to introduce the American Investment Accountability Act and the Trusted Foreign Auditing Act to ensure accurate and timely information on the true scope and nature of financial transactions encompassing Communist China and other adversarial countries. We must have greater visibility into how U.S. investments are strengthening the capabilities of our adversaries and prevent Chinese companies from sidestepping Western auditing standards.”

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