Lafayette Reporter

Senator John Kennedy of Louisiana has voiced his support for the Holding Foreign Insiders Accountable Act, emphasizing the need for Congress to ensure foreign executives adhere to the same insider trading standards as their American counterparts. In an op-ed published in The Hill, Kennedy argues that American investors are disadvantaged by current global business practices.

Kennedy highlights dissatisfaction among Americans regarding perceived inequities in international business dealings. "The American people are tired of watching the U.S. receive the short end of the stick in our global business deals," he states. He credits former President Donald Trump with taking steps to level this playing field during his first term.

A significant legislative achievement mentioned is the Holding Foreign Companies Accountable Act, signed into law by Trump. This law empowers the Securities and Exchange Commission to delist Chinese companies from U.S. stock exchanges if they fail to comply with transparency requirements. Kennedy points out that since its enactment, there has been increased compliance from Chinese firms, along with substantial penalties for violations.

Kennedy stresses that further measures are necessary to prevent foreign executives from exploiting market loopholes through insider trading. "A foreign passport should not be a get-out-of-jail-free card for insider trading in the American stock exchange," he asserts.

He calls on his congressional colleagues to join him in removing what he sees as a double standard that currently favors foreign executives over their American peers. "Let’s build on the momentum of Trump’s first term to protect American investors from foreign executives who don’t respect our markets," Kennedy urges.