Rep. Lawler Sends Follow-up Letter To Secretary Yellen Regarding Chinese Broker Dealers

This week, Representative Lawler followed up on a letter he had sent to Treasury Secretary Janet Yellen on April 27th in which he highlighted concerns about the ties between Chinese stock trading platforms and the Chinese Communist Party. Although the receipt of that letter was acknowledged, no reply had been given regarding the issues raised.

In that initial correspondence, Representative Lawler raised concerns about the ability to access user data from Chinese-based app.  “It is deeply concerning and these ties could be reflective of a more insidious effort by the CCP to further build out profiles of every single American,” Representative Lawler wrote. “The Committee on Foreign Investment in the United States has the responsibility to look into these matters and they must immediately launch a thorough personal data and national security review. Anything less would be an abdication of duty from Secretary Yellen and the Treasury Department.”

In the follow-up letter, Representative Lawler pointed out that it has since come to his attention that the SEC and FINRA have also neglected to do their own due diligence on another so-called “American” company with clear ties to the CCP: Prometheum Inc. (Prometheum).

“As I stated in my April 27th, because Chinese companies are generally required by Chinese law to share data with the Chinese government, these companies present substantial risks to U.S. individual privacy and national security. These concerns have been appropriately highlighted by CFIUS as it pertains to social media, telecommunications and personal health data flowing to the CCP,” added Representative Lawler. “Americans’ financial data and the integrity of our capital markets should be given the same attention and treatment.”

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