[Congressional Record Volume 167, Number 92 (Wednesday, May 26, 2021)]
[Senate]
[Pages S3516-S3517]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2046. 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:

[[Page S3517]]

  


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

       (a) Short Title.--This section may be cited as the ``No 
     IPOs for Unaccountable Actors Act''.
       (b) Definitions.--In this section--
       (1) the term ``Board'' means the Public Company Accounting 
     Oversight Board;
       (2) 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 or 105 of the Sarbanes-
     Oxley Act of 2002 (15 U.S.C. 7214, 7215), respectively, 
     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)); and
       (3) the term ``security'' has the meaning given the term in 
     section 3(a) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78c(a)).
       (c) Prohibitions Regarding Covered Entities.--
       (1) Registration.--Beginning on the date that is 1 year 
     after the date of enactment of this Act, 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)).
       (2) Listing on 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) The rules of the exchange prohibit the initial 
     listing of any security of a covered entity, as that term is 
     defined in subsection (b) of the No IPOs for Unaccountable 
     Actors Act.
       ``(12) The rules of the exchange provide that, if a 
     security of an issuer is listed on the exchange and, as a 
     result of a business combination, that issuer becomes a 
     covered entity (as that term is defined in subsection (b) of 
     the No IPOs for Unaccountable Actors Act), the exchange shall 
     prohibit the continued listing of any security of the 
     issuer.''.
       (B) Effective date.--The amendments made by subparagraph 
     (A) shall take effect on the date that is 1 year after the 
     date of enactment of this Act.
                                 ______