3.0.0 7000 2023-01-11T13:42:50Z 2023-01-11T13:42:50Z House HR 2020-05-22 116 [Congressional Record Volume 166, Number 97 (Friday, May 22, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SHERMAN:H.R. 7000.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clauses 1 and 18 of the United StatesConstitution.[Page H2278]]]> hsba00 Financial Services Committee House Standing Referred to 2020-05-22T15:03:45Z Holding Foreign Companies Accountable Act 116 945 S 2020-12-18 Became Public Law No: 116-222. Identical bill CRS America LEADS Act 116 4629 S 2020-09-17 Read twice and referred to the Committee on Foreign Relations. Related bill CRS 2020-05-22 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-05-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-05-22 Introduced in House IntroReferral 1000 9 Library of Congress S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 N G000588 Rep. Gonzalez, Anthony [R-OH-16] Anthony Gonzalez R OH 16 2020-08-25 False F000454 Rep. Foster, Bill [D-IL-11] Bill Foster D IL 11 2020-09-22 False Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Asia China Corporate finance and management Foreign and international corporations Government information and archives Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2020-05-22 Introduced in House 2020-06-19T15:30:18Z Holding Foreign Companies Accountable Act

This bill 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.
]]> Holding Foreign Companies Accountable Act Display Title Holding Foreign Companies Accountable Act Official Title as Introduced To amend the Sarbanes-Oxley Act of 2002 to require certain issuers to disclose to the Securities and Exchange Commission information regarding foreign jurisdictions that prevent the Public Company Accounting Oversight Board from performing inspections under that Act, and for other purposes. Introduced in House IH Short Title(s) as Introduced Holding Foreign Companies Accountable Act Introduced in House IH Introduced in House 2020-05-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7000ih/xml/BILLS-116hr7000ih.xml 2020-05-22 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.