S 945 116th Congress

Holding Foreign Companies Accountable Act

Latest Action

Became Public Law No: 116-222.

Congress.gov

Sponsors

Sen. Kennedy, John [R-LA]

Sen. Kennedy, John [R-LA]

R — LA

Summary

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 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 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 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.

Actions

2020-12-18T00:00:00

Became Public Law No: 116-222.

2020-12-18T00:00:00

Became Public Law No: 116-222.

2020-12-18T00:00:00

Signed by President.

2020-12-18T00:00:00

Signed by President.

2020-12-08T00:00:00

Presented to President.

2020-12-08T00:00:00

Presented to President.

2020-12-02T00:00:00

Motion to reconsider laid on the table Agreed to without objection.

2020-12-02T00:00:00

On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6031-6032)

2020-12-02T00:00:00

Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)

2020-12-02T00:00:00

DEBATE - The House proceeded with forty minutes of debate on S. 945.

2020-12-02T00:00:00

Considered under suspension of the rules. (consideration: CR H6031-6035)

2020-12-02T00:00:00

Mr. Clay moved to suspend the rules and pass the bill.

2020-05-22T00:00:00

Held at the desk.

2020-05-22T00:00:00

Received in the House.

2020-05-22T00:00:00

Message on Senate action sent to the House.

2020-05-20T00:00:00

Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2520)

2020-05-20T00:00:00

Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)

2020-05-20T00:00:00

Measure laid before Senate by unanimous consent. (consideration: CR S2519-2520)

2020-05-20T00:00:00

Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

2020-05-20T00:00:00

Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

2019-12-10T00:00:00

Committee on Banking, Housing, and Urban Affairs. Hearings held.

2019-06-04T00:00:00

Committee on Banking, Housing, and Urban Affairs. Hearings held.

2019-03-28T00:00:00

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2019-03-28T00:00:00

Introduced in Senate

Policy Areas

Finance and Financial Sector

Track this bill on CivicBeacon

Get push notifications when this bill is updated, contact your reps, and take action.

Download on the App Store Get it on Google Play