US HB7000 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on May 22 2020 - 25% progression, died in committee
Action: 2020-05-22 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 22 2020 - 25% progression, died in committee
Action: 2020-05-22 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange or through other methods. Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year the percentage of shares owned by governmental entities where the issuer is incorporated, whether these governmental entities have a controlling financial interest, information related to any board members who are officials of the Chinese Communist Party, and whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party.
Title
Holding Foreign Companies Accountable Act
Sponsors
Rep. Brad Sherman [D-CA] | Rep. Anthony Gonzalez [R-OH] | Rep. Bill Foster [D-IL] |
History
Date | Chamber | Action |
---|---|---|
2020-05-22 | House | Referred to the House Committee on Financial Services. |
2020-05-22 | House | Introduced in House |
Same As/Similar To
SB945 (Same As) 2020-12-18 - Became Public Law No: 116-222. (TXT | PDF)
SB4629 (Related) 2020-09-17 - Read twice and referred to the Committee on Foreign Relations.
SB4629 (Related) 2020-09-17 - Read twice and referred to the Committee on Foreign Relations.
Subjects
Accounting and auditing
Administrative law and regulatory procedures
Asia
China
Corporate finance and management
Finance and financial sector
Foreign and international corporations
Government information and archives
Securities
Securities and Exchange Commission (SEC)
Administrative law and regulatory procedures
Asia
China
Corporate finance and management
Finance and financial sector
Foreign and international corporations
Government information and archives
Securities
Securities and Exchange Commission (SEC)
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/7000/all-info |
Text | https://www.congress.gov/116/bills/hr7000/BILLS-116hr7000ih.pdf |