[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4590 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4590

   To amend the Securities Exchange Act of 1934 to prohibit national 
    securities exchanges from listing securities issued by certain 
                   entities, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 18, 2024

   Mr. Scott of Florida (for himself, Mrs. Blackburn, and Mr. Rubio) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To amend the Securities Exchange Act of 1934 to prohibit national 
    securities exchanges from listing securities issued by certain 
                   entities, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Timely Rejection of Adversarial and 
Dangerous Enterprises and Securing American Financial Exchanges Act'' 
or the ``TRADE SAFE Act''.

SEC. 2. NATIONAL SECURITIES EXCHANGES.

    (a) In General.--Section 6(b) of the Securities Exchange Act of 
1934 (15 U.S.C. 78f(b)) is amended by adding at the end the following:
            ``(11)(A) The rules of the exchange prohibit the listing of 
        any security issued by any of the following:
                    ``(i) An issuer that--
                            ``(I) is (or, at any time during the most 
                        recent 3-year period, has been) included on--
                                    ``(aa) a list required under clause 
                                (i), (ii), (iv), or (v) of section 
                                2(d)(2)(B) of the Act entitled `An Act 
                                to ensure that goods made with forced 
                                labor in the Xinjiang Autonomous Region 
                                of the People's Republic of China do 
                                not enter the United States market, and 
                                for other purposes', approved December 
                                23, 2021 (Public Law 117-78; 135 Stat. 
                                1527) (commonly referred to as the 
                                `Uyghur Forced Labor Prevention Act');
                                    ``(bb) the list of entities 
                                identified by the Secretary of Defense 
                                under section 1260H(a) of the William 
                                M. (Mac) Thornberry National Defense 
                                Authorization Act for Fiscal Year 2021 
                                (Public Law 116-283; 10 U.S.C. 113 
                                note) as Chinese military companies 
                                operating directly or indirectly in the 
                                United States; or
                                    ``(cc) the Consolidated Screening 
                                List of the Federal Government;
                            ``(II) produces or provides (or, at any 
                        time during the most recent 3-year period, has 
                        produced or provided) covered communications 
                        equipment or services, as defined in section 9 
                        of the Secure and Trusted Communications 
                        Networks Act of 2019 (47 U.S.C. 1608); or
                            ``(III) at any time during the most recent 
                        3-year period, the Commission has identified 
                        under section 104(i)(2)(A) of the Sarbanes-
                        Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)).
                    ``(ii) A subsidiary, affiliated holding company, 
                contract affiliate, or consolidated variable interest 
                entity of an issuer described in clause (i).
            ``(B) Subparagraph (A) shall not apply with respect to a 
        security that is listed on an exchange, as of the day before 
        the effective date of this paragraph.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date that is 180 days after the date of enactment of 
this Act.
    (c) Study and Report.--
            (1) Definitions.-- In this subsection:
                    (A) Commission.--The term ``Commission'' means the 
                Securities and Exchange Commission.
                    (B) Covered issuer.--The term ``covered issuer'' 
                means an entity described in clause (i) or (ii) of 
                paragraph (11)(A) of section 6(b) of the Securities 
                Exchange Act of 1934 (15 U.S.C. 78f(b)), as added by 
                subsection (a) of this section.
                    (C) Exchange; security.--The terms ``exchange'' and 
                ``security'' have the meanings given those terms in 
                section 3(a) of the Securities Exchange Act of 1934 (15 
                U.S.C. 78c(a)).
                    (D) National securities exchange.--The term 
                ``national securities exchange'' means an exchange 
                registered in accordance with section 6 of the 
                Securities Exchange Act of 1934 (15 U.S.C. 78f), as in 
                effect on the day before the date of enactment of this 
                Act.
            (2) Study.--The Commission shall conduct a study regarding 
        which covered issuers have securities listed on national 
        securities exchanges, as of the day before the date of 
        enactment of this Act.
            (3) Report.--Not later than 180 days after the date of 
        enactment of this Act, the Commission shall submit to Congress, 
        the Committee on Banking, Housing, and Urban Affairs of the 
        Senate, the Committee on Financial Services of the House of 
        Representatives, and the Committee on Oversight and 
        Accountability of the House of Representatives, and shall make 
        publicly available, a report that contains the results of the 
        study conducted under paragraph (2).

SEC. 3. CONGRESSIONAL NOTIFICATION.

    The President shall notify Congress not later than 15 days before--
            (1) an entity is removed from a list described in item 
        (aa), (bb), or (cc) of paragraph (11)(A)(i)(I) of section 6(b) 
        of the Securities Exchange Act of 1934 (15 U.S.C. 78f(b)), as 
        added by section 2 of this Act;
            (2) the Federal Communications Commission removes any 
        covered communications equipment or services from the list 
        published by the Commission pursuant to section 2(a) of the 
        Secure and Trusted Communications Networks Act of 2019 (47 
        U.S.C. 1601(a)); or
            (3) the Securities and Exchange Commission determines that 
        a covered issuer that the Commission had previously identified 
        under section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 
        (15 U.S.C. 7214(i)(2)(A)) is no longer described in such 
        section 104(i)(2)(A).
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