Lawmaker Subpoenas 2 Banks Over IPO Role With China’s CATL
House Select Committee on China Chairman John Moolenaar, R-Mich., has subpoenaed the CEOs of JPMorgan Chase & Co. and Bank of America for information on their roles in the initial public offering of Chinese electric vehicle battery producer Contemporary Amperex Technology Co. Ltd. (CATL), the panel announced July 24. The banks were told to comply by Aug. 8.
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Moolenaar requested the information in April letters but was dissatisfied with the response, the committee said. He wants the banks to cut ties with CATL, which the Defense Department placed on its Section 1260H list of Chinese military companies in January (see 2504180007 and 2501060024).
“Congress has a duty to ensure U.S. capital isn’t funding the Chinese military," Moolenaar said. "That’s why I’ve issued subpoenas to the CEOs of JPMorgan and Bank of America. We asked for answers months ago. They stonewalled. Wall Street shouldn’t be underwriting Chinese military companies -- and the American people deserve transparency."