Wyoming Secretary of State endorses House Bill 69 to tackle foreign adversary corporations
February 12, 2025 | Corporations, Elections & Political Subdivisions, Senate, Committees, Legislative, Wyoming
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In a pivotal meeting held on February 12, 2025, the Wyoming Senate Corporations, Elections & Political Subdivisions Committee gathered to discuss House Bill 69, a legislative measure aimed at enhancing the state's ability to combat business fraud and foreign influence. The atmosphere was charged with urgency as Secretary of State Chuck Gray, flanked by his team, presented the bill's critical provisions.
The proposed legislation seeks to empower the Secretary of State's office to administratively dissolve corporations that are owned or controlled by foreign adversaries, including nations like China, Iran, and North Korea. This move comes in response to alarming discoveries made in 2024, when entities linked to North Korea were found operating within Wyoming's business landscape. Gray emphasized the importance of addressing this loophole, stating, "We were the first state identified by the FBI to take action," highlighting the proactive stance Wyoming aims to adopt against potential threats.
The bill outlines specific criteria for determining foreign ownership or control, relying heavily on collaboration with federal law enforcement agencies. Gray reassured committee members that the process would not target foreign nationals indiscriminately but would focus on entities that pose a genuine risk to national security. "Just being a national from one of the mentioned countries would not qualify for dissolution," he clarified, underscoring the careful consideration that would guide these decisions.
As discussions unfolded, committee members raised questions about the implications of the bill, particularly regarding the potential for wrongful dissolution. In response, Gray and his team assured that there would be safeguards in place, including the right for affected entities to appeal decisions through the Wyoming court system. This provision aims to balance the need for security with the protection of legitimate businesses.
The meeting concluded with a sense of determination among committee members to advance the bill, recognizing its significance in safeguarding Wyoming's economic integrity. As the state prepares to navigate the complexities of foreign business ownership, House Bill 69 stands as a testament to Wyoming's commitment to addressing emerging threats in an increasingly interconnected world. The path forward remains clear: vigilance and collaboration will be key in protecting the state's interests.
The proposed legislation seeks to empower the Secretary of State's office to administratively dissolve corporations that are owned or controlled by foreign adversaries, including nations like China, Iran, and North Korea. This move comes in response to alarming discoveries made in 2024, when entities linked to North Korea were found operating within Wyoming's business landscape. Gray emphasized the importance of addressing this loophole, stating, "We were the first state identified by the FBI to take action," highlighting the proactive stance Wyoming aims to adopt against potential threats.
The bill outlines specific criteria for determining foreign ownership or control, relying heavily on collaboration with federal law enforcement agencies. Gray reassured committee members that the process would not target foreign nationals indiscriminately but would focus on entities that pose a genuine risk to national security. "Just being a national from one of the mentioned countries would not qualify for dissolution," he clarified, underscoring the careful consideration that would guide these decisions.
As discussions unfolded, committee members raised questions about the implications of the bill, particularly regarding the potential for wrongful dissolution. In response, Gray and his team assured that there would be safeguards in place, including the right for affected entities to appeal decisions through the Wyoming court system. This provision aims to balance the need for security with the protection of legitimate businesses.
The meeting concluded with a sense of determination among committee members to advance the bill, recognizing its significance in safeguarding Wyoming's economic integrity. As the state prepares to navigate the complexities of foreign business ownership, House Bill 69 stands as a testament to Wyoming's commitment to addressing emerging threats in an increasingly interconnected world. The path forward remains clear: vigilance and collaboration will be key in protecting the state's interests.
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