House Committee Subpoenas JPMorgan, Bank of America Over Chinese Battery Firm CATL IPO Linked to Forced Labor, Military Tech; August 8 Deadline

The U.S. House Select Committee on the Chinese Communist Party, focused on national security, has issued subpoenas to the CEOs of JPMorgan Chase and Bank of America. The subpoenas demand documents related to the banks' involvement in the initial public offering (IPO) of Contemporary Amperex Technology Co. Limited (CATL), a Chinese battery manufacturer linked to forced labor and Chinese military technology. The committee has set a compliance deadline of August 8 for the banks to produce the requested documents. Lawmakers are scrutinizing Wall Street's role in facilitating capital for Beijing-affiliated companies amid concerns about human rights abuses and national security risks.