• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Republicans demand answers from regulators on possible Chinese exposure of Americans’ financial data
Economy

Republicans demand answers from regulators on possible Chinese exposure of Americans’ financial data

by May 3, 2023
by May 3, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

EXCLUSIVE: Two Republican members of Congress are demanding answers from top financial regulators concerning the possibility Americans’ financial data may have been, or is at risk of being, exposed to members of the Chinese Communist Party (CCP) through two widely-used stock trading platforms operating within the U.S.

In a Wednesday letter to the heads of the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), Sen. Tommy Tuberville, R-Ala., and Rep. Jim Banks, R-Ind., called on the two agencies to ensure Chinese-linked companies Webull Financial, LLC and Moomoo, Inc. are complying with American laws and regulations when it comes to protecting American consumers’ data.

‘Webull and Moomoo collect highly sensitive personal information from millions of their U.S. customers, including personally identifiable information such as Social Security numbers, mailing addresses, and financial account data,’ Tuberville and Banks wrote in the letter.

‘We write today to once again call attention to the potential danger Webull and MooMoo pose to Americans’ financial and information security, as well as request answers from the SEC on its work to mitigate that threat,’ they added.

According to Tuberville and Banks, Webull and Moomoo are owned by Chinese companies with close ties to Xiaomi and Tencent, two Chinese telecom giants that have reportedly aided the CCP ‘in its efforts to surveil and suppress its citizens.’

The letter also said that Webull employs eight active FINRA-registered representatives who are located in China but are required to comply with all SEC and FINRA rules. However, their presence in China, the letter notes, raises concerns over the ability of those agencies to ensure those rules are being complied with.

It added that allowing Chinese-owned broker-dealers with representatives in China to operate on ‘a level playing field’ with U.S. brokerage firms appeared to be inconsistent with Congress’ bipartisan efforts to obtain access to audit documents of U.S.-listed Chinese companies, something it said Chinese law has prevented.

Tuberville and Banks gave a deadline of May 31 for the SEC and FINRA to respond to the letter. They also sent the letter to Director of National Intelligence Avril Haines and FBI Director Christopher Wray.

In a statement, Tuberville emphasized that communist China is ‘the biggest threat facing our country today.’

‘China doesn’t need a spy balloon to steal our information — they’ve got spies in the smartphones of millions of Americans, harvesting valuable information every second. The United States must protect the personal data of our citizens from falling into the hands of our greatest adversary,’ he said.

Brandon Gillespie is an associate editor at Fox News. Follow him on Twitter at @brandon_cg.

This post appeared first on FOX NEWS
You Might Also Like
  • Byron Donalds responds to AOC’s ‘experience’ jab: ‘She doesn’t know what she’s talking about’
  • New Mexico governor says Republicans should ‘thank’ her as tensions flare over Democrat’s sweeping gun order
  • Tim Scott says GOP voters have ‘hunger’ for positive, conservative message as he declares 2024 candidacy
  • Biden ignores reporter questions after son Hunter defies congressional subpoena
Share
0
FacebookTwitterPinterestWhatsapp

previous post
California creates hotline to provide legal help related to abortion
next post
First Republic’s stock sinks as analysts monitor banking sector stress, despite some improvements

You may also like

Russian nuclear capabilities in space could threaten international satellites, US...

February 15, 2024

Sanders condemns ‘radical rhetoric’ after Trump assassination attempt: ‘Politics should...

July 14, 2024

Bitcoin Rebounds to $83,404 Amid Renewed Investor Confidence

April 21, 2025

Wisconsin judge weighing case over incomplete addresses on ballots

January 25, 2023

Vance dismisses polls that show Harris ahead: ‘Wildly inaccurate’

August 18, 2024

Here are the candidates who have secured a spot at...

September 13, 2023

I left the Democrat Party and will do all I...

August 26, 2024

Economic Freedom Matters for Intergenerational Income Mobility

December 12, 2022

Gold & Silver Analysis: Key Levels & Trendline Insights

November 8, 2024

The CHIP Act Is a Blip

December 16, 2022

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,633 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,321 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,303 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The V Reversal is Impressive, but is it Enough?

      May 9, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,531)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Iran issues warning to US about...

    February 5, 2024

    Nonprofit launches to restore ICE immigration...

    June 5, 2023

    Senate Dems target Clarence Thomas in...

    May 8, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here