U.S.-China Commission Press Releases
|
FOR IMMEDIATE RELEASE April 2, 2002 |
Contact: |
Kathy Michels kmichels@uscc.gov Omar Aslam oaslam@uscc.gov Web site:www.uscc.gov |
U.S. - CHINA COMMISSION RECOMMENDS LEGISLATIVE ACTION
The US-China Security Review Commission recommended two legislative actions concerning U.S. national security in letters to Congressional leaders. These communications precede the Commissions report and recommendations to Congress scheduled for release in June 2002.
The Commission recommends the codification of Securities Exchange Commission (SEC) disclosure guidelines of May 8, 2001 for foreign companies seeking to raise capital in the U.S. market. The Commission believes that a foreign registrants material business operations in terrorist-sponsoring countries or other U.S.-sanctioned states could constitute a national security concern and represent a risk that should be disclosed to potential investors.
The Commission also urged amendments to the Export Administration Act to permit greater discretion to the Commerce Department in order to conduct post-shipment verifications of U.S. computer exports. The Commission believes that outdated post-shipment inspection requirements do not distinguish between controlled and non-controlled exports. This hinders the Commerce Departments ability to conduct post-shipment verifications of currently controlled high performance computer exports to China. The Commission recommends a more targeted and effective enforcement regime.
WHO: The U.S.- China Security Review Commission is a twelve-member bipartisan commission created by statute in October 2000. Commissioners are appointed by the Congressional leadership and provide a broad range of expertise from business, government and academia. The Commissions primary role is to monitor, investigate and report to Congress on the implications for U.S. national security posed by our bilateral trade and economic relationship with China.
______
- Letter Recommending the Codification of Securities Exchange Commission Disclosure Guidelines
- Letter Recommending Amendments to the Export Administration Act re: Post-Shipment Verifications of U.S. Computer Exports
If you are interested in receiving regular updates about the Commissions activities via fax or email, or would like to update your contact information or unsubscribe to our updates, please email your contact information to us at contact@uscc.gov. We will promptly add, update or delete your contact information.