U.S. financial firms facilitated investments worth billions of dollars in index funds that included blacklisted Chinese companies, according to a bipartisan House Committee investigation that called for legislation aimed at restricting investment in those Chinese entities. U.S. index providers and asset managers channeled $6.5 billion last year to 63 Chinese companies flagged by the U.S. government for advancing China's military capabilities or supporting human rights abuses, the probe report unveiled on Thursday said. The panel said the activity was not illegal, but it called for Congress to pass legislation that would restrict investment in blacklisted entities, as well as require U.S. public companies to disclose risks related to China.
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(Reuters) -U.S. financial firms facilitated investments worth billions of dollars in index funds that included blacklisted Chinese companies, according to a bipartisan House Committee investigation that called for legislation aimed at restricting investment in those Chinese entities. U.S. index providers and asset managers channeled $6.5 billion last year to 63 Chinese companies flagged by the U.S. government for advancing China's military capabilities or supporting human rights abuses, the probe report unveiled on Thursday said. The panel said the activity was not illegal, but it called for Congress to pass legislation that would restrict investment in blacklisted entities, as well as require U.S. public companies to disclose risks related to China.