The Senate passed legislation that would increase oversight of Chinese companies trading in American markets and could lead to them being booted from US financial exchanges, according to reports.

The bill, sponsored by Sens. John Kennedy (R-La.) and Chris Van Hollen (D-Md.), would require that companies disclose whether they are owned or controlled by a foreign government and abide by American regulations and standards.

It would also require the companies to comply with audits by the Public Company Accounting Oversight Board, a nonprofit agency that oversees audits of US companies seeking to raise money in financial markets, MarketWatch reported.

“The Holding Foreign Companies Accountable Act” passed by rare unanimous consent Wednesday.

The measure must still pass the House of Representatives and be signed by President Trump to become law.

“We don’t want to be unfair to Chinese companies. We’re not changing the rules. They’ve just been ignoring the rules,” Kennedy said in a speech on the Senate floor, Politico reported.

“It says to all the companies out there in the world, including, but not limited to China: You want to list on an American exchange, you have to submit an audit, and the SEC has the right to look at that audit, and audit the audit,” he said.

“For too long, Chinese companies have disregarded U.S. reporting standards, misleading our investors,” Van Hollen said.

The Trump administration supported increasing accountability of Chinese companies.

“We have to for investor protection, and we have to for national security,” White House economic adviser Larry Kudlow said Tuesday on Fox Business. “A lot of these companies, by the way, have already had scandals and cost investors a lot of money, because of their failure to be transparent in their reporting. The Chinese government forbids that kind of transparency.”