U.S. Senator Marco Rubio has asked the U.S. Securities and Exchange Commission to ban Chinese retailer Shein from New York until it discloses serious risks about its business operations and activities in China.
According to the the Voice of America report, Republican Senator Marco Rubio sent a letter to Gary Gensler, Chairman of the United States Securities and Exchange Commission on February 15, stating that Shein recently asked the Chinese regime for approval to enter the US market, which raises doubts about the accuracy of the company's documents. It is noted that the new regulations adopted by the regulatory department in 2023 will threaten national interests.
Rubio's letter also said China's laws would make it more likely for Shein to mislead investors about the risks of its business, further complicating the company's efforts to position itself as a global retailer. Thousands of suppliers have noted their continued reliance on Chinese companies.
According to reports, Shein and the US Securities and Exchange Commission have yet to respond to questions from Reuters.
Marco Rubio, as the vice chairman of the Senate Intelligence Committee, has previously initiated legislation to ban the Chinese social media app TikTok. His opposition became the latest political obstacle to Shein's entry into the U.S. market.
In May last year, a bipartisan group of Congress members asked the US Securities and Exchange Commission to ban Shein's company from entering the US market until it proved that it was not involved in Uyghur forced labor.