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The move
Washington negotiators secured a landmark deal in August 2022 that would give American inspectors at the Public Company Accounting Oversight Board, the top U.S. accounting watchdog, unprecedented access to the audits of Chinese and Hong Kong-based firms trading on the New York Stock Exchange and Nasdaq. The deal was reached after passage of a 2020 bill, which Trump signed into law in his administration’s waning days, that would have given the noncompliant companies the boot if they didn’t acquiesce.
The impact
China has held up its end of the deal. Four months after the agreement, the PCAOB confirmed it was able to fully review the Chinese companies’ audits. The inspections eventually resulted in $7.9 million in fines and sanctions against three China-based firms and four individuals. SEC Chair Gary Gensler, whose agency oversees the PCAOB, has touted the deal as a success that has better protected American investors.
The upshot
Whether China’s cooperation continues is still a concern for U.S. regulators — and will likely linger no matter who is president come 2025. Trump’s first time in office paved the way for the eventual deal struck by Biden’s regulators, suggesting that the SEC and PCAOB will probably keep the pressure on Beijing.
- #TAGS: Biden did that, China
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