[Congressional Record Volume 167, Number 88 (Thursday, May 20, 2021)]
[Senate]
[Page S3269]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1852. Mr. RUBIO submitted an amendment intended to be proposed to 
amendment SA 1502 proposed by Mr. Schumer to the bill S. 1260, to 
establish a new Directorate for Technology and Innovation in the 
National Science Foundation, to establish a regional technology hub 
program, to require a strategy and report on economic security, 
science, research, innovation, manufacturing, and job creation, to 
establish a critical supply chain resiliency program, and for other 
purposes; which was ordered to lie on the table; as follows:

        At the end of title I of division E, add the following:

     SEC. 51__. NO INITIAL PUBLIC OFFERINGS FOR UNACCOUNTABLE 
                   ACTORS.

       (a) Definitions.--In this section--
       (1) the term ``Board'' means the Public Company Accounting 
     Oversight Board;
       (2) the term ``Commission'' means the Securities and 
     Exchange Commission;
       (3) the term ``covered entity'' means--
       (A) an entity that is headquartered in, or otherwise 
     controlled by an entity that is headquartered in, a foreign 
     jurisdiction in which the Board is prevented from conducting 
     a complete inspection or investigation of a registered public 
     accounting firm under section 104 of the Sarbanes-Oxley Act 
     of 2002 (15 U.S.C. 7214) because of a position taken by an 
     authority in that foreign jurisdiction, as determined by the 
     Board; or
       (B) an entity that--
       (i) is headquartered in, or otherwise controlled by an 
     entity that is headquartered in, a foreign jurisdiction; and
       (ii) retains a registered public accounting firm described 
     in section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 
     U.S.C. 7214(i)(2)(A));
       (4) the terms ``exchange'', ``issuer'', and ``security'' 
     have the meanings given the terms in section 3(a) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); and
       (5) the term ``national securities exchange'' means an 
     exchange registered as a national securities exchange under 
     section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 
     78f).
       (b) Prohibitions Regarding Covered Entities.--Beginning on 
     the date that is 1 year after the date of enactment of this 
     Act--
       (1) the Commission shall prohibit the initial listing of 
     the securities of a covered entity on a national securities 
     exchange;
       (2) if the securities of an issuer are listed on a national 
     securities exchange and, as a result of a business 
     combination, that issuer becomes a covered entity, the 
     Commission shall prohibit the national securities exchange 
     from continuing to list the securities of the issuer; and
       (3) a covered entity may not register a security of the 
     covered entity under section 12(b) of the Securities Exchange 
     Act of 1934 (15 U.S.C. 78l(b)).
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