The House China Task Force disclosed on Thursday that its investigation into two American banks revealed that these financial institutions helped a Chinese company associated with forced labor and China’s military raise billions of dollars. Following the U.S. Department of Defense’s classification of Contemporary Amperex Technology Co., Ltd. (CATL) as a Chinese military company months ago, JPMorgan Chase and Bank of America served as underwriters for the company’s initial public offering (IPO) on the Hong Kong Stock Exchange, enabling the company to raise new funds through stock issuance. “Our committee’s investigation calls for significant policy adjustments to ensure that what…
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