No Chinese Communist SURPRISE Parties Act No Chinese Communist Subterfuge via Unregistered Regime Presence Rendered Invisible to Shareholders and Equivalent Parties Act
Impact
The bill is anticipated to impact state laws related to corporate governance by mandating that companies disclose their affiliations and any influences that could compromise their operations from foreign entities, especially those associated with the CCP. By introducing these requirements, HB747 aims to enhance shareholder awareness and protection against hidden external influences that may threaten corporate integrity and, by extension, state economic stability.
Summary
House Bill 747, officially titled 'No Chinese Communist SURPRISE Parties Act', seeks to impose significant transparency measures on companies that have ties with the Chinese Communist Party (CCP). The legislation is aimed at ensuring that shareholders and stakeholders are informed about any subterfuge stemming from unregistered foreign influences, particularly regarding the CCP's involvement in corporate governance. This move is motivated by growing concerns about national security and the need for greater oversight of foreign entities operating within the state's jurisdiction.
Contention
A notable point of contention surrounding HB747 revolves around the balance between transparency and the potential for economic discrimination. Proponents argue that increasing scrutiny over foreign ties is vital for protecting the state's economy and national security, asserting that greater transparency will empower shareholders. Conversely, critics raise fears that the bill could lead to unnecessary stigmatization of companies with legitimate foreign partnerships, possibly deterring international investment and affecting business operations negatively.
Same As
No Chinese Communist SURPRISE Parties Act No Chinese Communist Subterfuge via Unregistered Regime Presence Rendered Invisible to Shareholders and Equivalent Parties Act
No Chinese Communist SURPRISE Parties Act No Chinese Communist Subterfuge via Unregistered Regime Presence Rendered Invisible to Shareholders and Equivalent Parties Act
Averting the National Threat of Internet Surveillance, Oppressive Censorship and Influence, and Algorithmic Learning by the Chinese Communist Party Act ANTI-SOCIAL CCP Act