2011-11-27

Protectionism's many forms

Sen. Schumer Urges Audit Watchdog to Act on China
In a letter expected to be sent Tuesday, Sen. Charles Schumer (D., N.Y.) says the accounting board should suspend or revoke its registration of Chinese firms that it has been blocked from inspecting, thus barring them from preparing audit reports on companies that trade on U.S. markets.
It is "unacceptable" to allow the lack of inspections to continue in the wake of accounting irregularities at some Chinese companies that have been reported this year, Sen. Schumer writes in the draft of a letter to be sent to board Chairman James Doty.

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