Moolenaar: JP Morgan, Goldman Sachs, & Morgan Stanley Underwrite Shein’s Slave Labor

Chairman John Moolenaar of the Select Committee on China made the following statement on fast fashion company Shein's plans for its initial public offering (IPO) on the Hong Kong Stock Exchange next month, after failing to go public in New York and London due to Shein's use of slave labor:

“For major U.S. banks to bankroll Shein’s IPO shows these institutions have no regard for human rights or the victims of forced labor who will be forced to pick cotton for Shein’s clothes. These American banks are being used as a tool by the CCP to bolster their declining economy and capital markets with outside money, enabling a CCP Ponzi scheme on the rest of the world. It is unconscionable for the American leaders of these institutions to claim they care about U.S. national security and then underwrite a company tied to the CCP and its forced labor and genocide. Enabling the human rights abuses of Shein and the CCP is a stain they will never be able to wash out unless they end their support for this IPO immediately.”