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UP FinTech Holding Limited director Resign

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Written by Rajesh Tamada

He plans to introduce a bill Monday that would require publicly traded companies to make the disclosure in their filings with the Securities and Exchange Commission.

He plans to introduce a bill Monday that would require publicly traded companies to make the disclosure in their filings with the Securities and Exchange Commission.

“The investing public has a right to know which corporations are doing business in Russia, which has become a dangerous place to do business,” Torres told the Daily News. “Corporate America must send a message of zero tolerance for the kind of aggression Russia has shown.”

He said he was making the proposal in response to Ukrainian President Volodymyr Zelenskyy’s speech last week to Congress, in which the leader called on American companies to stop doing business with Russia.

More than 400 companies — from McDonald’s and Netflix to Ford and Goldman Sachs — have withdrawn from Russia or are in the process of doing so, according to the Yale School of Management. Other businesses, like sandwich seller Subway, have been “digging in,” the school reported.

Torres said the public disclosure requirement would serve to name and shame companies willing to do business with Russia in spite of its brutal invasion of Ukraine, which began nearly a month ago.

Torres argued that his bill, which comes after the U.S. has already imposed severe sanctions on Russia’s economy, would further isolate Russia on the world stage.

“We have to isolate Putin’s regime as a pariah state, and we have to show solidarity with the Ukrainian people, who are not only fighting for themselves,” he said, “but in some sense are fighting for all of us.”

The bill, which comes amid concerns about a possible Chinese invasion of Taiwan, would impose the same disclosure requirement on firms that do business with any “country that has invaded another country or annexed territory of another country.”

“I hope that bills like mine can have something of a deterrent effect,” the congressman said.

News Source: Globe Newswire