Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

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

by May 3, 2023
May 3, 2023
Republicans demand answers from regulators on possible Chinese exposure of Americans’ financial data

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
0
FacebookTwitterGoogle +Pinterest
previous post
California creates hotline to provide legal help related to abortion
next post
Secrets of Success: Naomi Bacon, Founder of Tandem Collective

You may also like

Rhode Island School Official Says ‘Misgendering’ Trans Children...

November 22, 2022

It’s Time for Mitch McConnell to Go –...

November 9, 2022

Kevin McCarthy to resign from Congress after being...

December 7, 2023

Trump announces new picks including deputy director of...

February 4, 2025

Florida Teacher Fired For Interrupting Muslim Student Prayers...

December 11, 2022

FBI Agents Blow The Whistle On Christopher Wray’s...

October 18, 2022

Biden repeats questionable claim he frequented Black church...

January 15, 2023

Democrat leaders mum on potential national security threat...

January 17, 2023

Biden Attacks Elon and Twitter; Slams Musk for...

November 5, 2022

Zuckerberg, expressing regrets, admits bowing to Biden administration...

August 28, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

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

    Recent Posts

    • Trump wins over lifelong Democrat autoworker with ‘big, beautiful bill’ vehicle loan tax benefit

      June 27, 2025
    • EXCLUSIVE: Trump admin takes action after massive fraud uncovered at agency Dems tried to protect from DOGE

      June 26, 2025
    • FBI investigating Iran strike leaker, Leavitt says: ‘They should be held accountable’

      June 26, 2025
    • SMCI Stock Surges: How to Invest Wisely Now

      June 26, 2025
    • NEW! 5 Significant Additions to Our Professionally-Curated Market Summary Dashboard

      June 26, 2025
    • ‘Presidential incapacity’: Senate Republican seeks paper trail of Biden’s autopen use

      June 26, 2025

    Categories

    • Business (8,316)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.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 © 2025 futureretirementsuccess.com | All Rights Reserved