The House committee, in a bipartisan effort to address economic competition between the United States and China, expressed the need for congressional action to impose restrictions on American investments in Chinese companies, including those involved in artificial intelligence.

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The U.S. Securities and Exchange Commission (SEC) has imposed a $6 million fine on Goldman Sachs for providing inaccurate and incomplete trading information to the regulatory body.

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Over a period of approximately ten years, the banking giant submitted more than 22,000 deficient "blue sheets," impacting at least 163 million transactions, as revealed in an SEC order. These electronic requests, routinely sent by the SEC to brokers, aim to gather data on securities trading to identify buyers and sellers.

Thomas P. Smith Jr., Associate Regional Director in the SEC's New York Regional Office, emphasized, "Firms must furnish comprehensive and precise blue sheet data in response to our requests." He stated in a press release, "Blue sheet data is crucial to the Commission's ability to execute its enforcement and regulatory responsibilities and to safeguard investors and uphold market integrity."

Goldman Sachs, acknowledging the findings, has accepted the fine and censure. 

Abbey Collins, a spokesperson for Goldman Sachs, expressed the firm's satisfaction in resolving the matter and mentioned, "Goldman is currently addressing the final categories of EBS deficiencies and will be resubmitting corrected EBS to the Commission."

The firm proactively reported 29 of the 43 error types identified by the SEC following an internal review. However, the SEC also discovered that Goldman Sachs lacked adequate internal processes to verify the accuracy of its blue sheet submissions.


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