117 HR 6285 IH: Accelerating Holding Foreign Companies Accountable Act U.S. House of Representatives 2021-12-14 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.

I117th CONGRESS1st SessionH. R. 6285IN THE HOUSE OF REPRESENTATIVESDecember 14, 2021Mr. Sherman (for himself, Mrs. Spartz, and Mr. Barr) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.

1.

Short title

This Act may be cited as the Accelerating Holding Foreign Companies Accountable Act.

2.

Trading prohibition for 2 consecutive non-inspection years

Section 104(i) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)) is amended—(1)in paragraph (2)(A)(ii), by striking the foreign jurisdiction described in clause (i) and inserting a foreign jurisdiction; and (2)in paragraph (3)—(A)in the paragraph heading, by striking 3 and inserting 2; and(B)in subparagraph (A), in the matter preceding clause (i), by striking 3 and inserting 2.