US lawmaker urges Trump administration to seek tougher rules for Chinese companies

A top U.S. lawmaker called for U.S.-listed Chinese companies that do not meet U.S. auditing standards to be barred from American exchanges, pressing the White House to take a hard line as it ramps up pressure on China.

Republican Senator Marco Rubio advocated for the move in a letter dated Tuesday and sent to administration officials tasked with providing recommendations to the White House by early August to better protect U.S. investors exposed to Chinese companies.The group includes Treasury Secretary Steven Mnuchin and Securities and Exchange Commission Chairman Jay Clayton.

The Treasury, the Commodity Futures Trading Commission and the Federal Reserve confirmed receipt of the letter while the SEC declined to comment.

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