Lawmakers are increasing their scrutiny of Shein after its confidential filing to go public last week.
One congressman who sits on a key committee is even threatening to pursue legislation to bar the retailer from trading if the U.S. Securities and Exchange Commission doesn’t reject its application.
Rep. Blaine Luetkemeyer, R-Mo., issued a video address Tuesday saying Shein “warrants extreme caution from regulators, customers, and investors” as the forced labor in Shein IPO”>fast-fashion powerhouse prepares to start trading on U.S. exchanges as early as next year.
In an interview with CNBC, he argued that the SEC needs to “do their job” and prevent Shein from trading on U.S. exchanges due to allegations of forced labor and exploitation of U.S. trade laws.
“Urge the SEC to thoroughly examine Shein’s business and management before allowing it to enter our capital markets,” Luetkemeyer said in the video, viewed by CNBC.
“Accessing U.S. markets and capital is a privilege and we rely on…
2023-12-05 08:35:37
Link from www.cnbc.com
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