II 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Timely Rejection of 

5 Adversarial and Dangerous Enterprises and Securing 

6 American Financial Exchanges Act’’ or the ‘‘TRADE 

7 SAFE Act’’. 


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1 SEC. 2. NATIONAL SECURITIES EXCHANGES. 

2 (a) IN GENERAL.—Section 6(b) of the Securities Ex3 change Act of 1934 (15 U.S.C. 78f(b)) is amended by add4 ing at the end the following: 

5 ‘‘(11)(A) The rules of the exchange prohibit the 

6 listing of any security issued by any of the following: 

7 ‘‘(i) An issuer that— 

8 ‘‘(I) is (or, at any time during the 

9 most recent 3-year period, has been) in10 cluded on— 

11 ‘‘(aa) a list required under clause 

12 (i), (ii), (iv), or (v) of section 

13 2(d)(2)(B) of the Act entitled ‘An Act 

14 to ensure that goods made with forced 

15 labor in the Xinjiang Autonomous Re16 gion of the People’s Republic of China 

17 do not enter the United States mar18 ket, and for other purposes’, approved 

19 December 23, 2021 (Public Law 117– 

20 78; 135 Stat. 1527) (commonly re21 ferred to as the ‘Uyghur Forced 

22 Labor Prevention Act’); 

23 ‘‘(bb) the list of entities identified 

24 by the Secretary of Defense under 

25 section 1260H(a) of the William M. 

26 (Mac) Thornberry National Defense 


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1 Authorization Act for Fiscal Year 

2 2021 (Public Law 116–283; 10 

3 U.S.C. 113 note) as Chinese military 

4 companies operating directly or indi5 rectly in the United States; or 

6 ‘‘(cc) the Consolidated Screening 

7 List of the Federal Government; 

8 ‘‘(II) produces or provides (or, at any 

9 time during the most recent 3-year period, 

10 has produced or provided) covered commu11 nications equipment or services, as defined 

12 in section 9 of the Secure and Trusted 

13 Communications Networks Act of 2019 

14 (47 U.S.C. 1608); or 

15 ‘‘(III) at any time during the most re16 cent 3-year period, the Commission has 

17 identified under section 104(i)(2)(A) of the 

18 Sarbanes-Oxley Act of 2002 (15 U.S.C. 

19 7214(i)(2)(A)). 

20 ‘‘(ii) A subsidiary, affiliated holding com21 pany, contract affiliate, or consolidated variable 

22 interest entity of an issuer described in clause 

23 (i). 

24 ‘‘(B) Subparagraph (A) shall not apply with re25 spect to a security that is listed on an exchange, as 


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1 of the day before the effective date of this para2 graph.’’. 

3 (b) EFFECTIVE DATE.—The amendment made by 

4 subsection (a) shall take effect on the date that is 180 

5 days after the date of enactment of this Act. 

6 (c) STUDY AND REPORT.— 

7 (1) DEFINITIONS.— In this subsection: 

8 (A) COMMISSION.—The term ‘‘Commis9 sion’’ means the Securities and Exchange Com10 mission. 

11 (B) COVERED ISSUER.—The term ‘‘covered 

12 issuer’’ means an entity described in clause (i) 

13 or (ii) of paragraph (11)(A) of section 6(b) of 

14 the Securities Exchange Act of 1934 (15 

15 U.S.C. 78f(b)), as added by subsection (a) of 

16 this section. 

17 (C) EXCHANGE; SECURITY.—The terms 

18 ‘‘exchange’’ and ‘‘security’’ have the meanings 

19 given those terms in section 3(a) of the Securi20 ties Exchange Act of 1934 (15 U.S.C. 78c(a)). 

21 (D) NATIONAL SECURITIES EXCHANGE.— 

22 The term ‘‘national securities exchange’’ means 

23 an exchange registered in accordance with sec24 tion 6 of the Securities Exchange Act of 1934 


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1 (15 U.S.C. 78f), as in effect on the day before 

2 the date of enactment of this Act. 

3 (2) STUDY.—The Commission shall conduct a 

4 study regarding which covered issuers have securi5 ties listed on national securities exchanges, as of the 

6 day before the date of enactment of this Act. 

7 (3) REPORT.—Not later than 180 days after 

8 the date of enactment of this Act, the Commission 

9 shall submit to Congress, the Committee on Bank10 ing, Housing, and Urban Affairs of the Senate, the 

11 Committee on Financial Services of the House of 

12 Representatives, and the Committee on Oversight 

13 and Accountability of the House of Representatives, 

14 and shall make publicly available, a report that con15 tains the results of the study conducted under para16 graph (2). 

17 SEC. 3. CONGRESSIONAL NOTIFICATION. 

18 The President shall notify Congress not later than 

19 15 days before— 

20 (1) an entity is removed from a list described 

21 in item (aa), (bb), or (cc) of paragraph (11)(A)(i)(I) 

22 of section 6(b) of the Securities Exchange Act of 

23 1934 (15 U.S.C. 78f(b)), as added by section 2 of 

24 this Act; 


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1 (2) the Federal Communications Commission 

2 removes any covered communications equipment or 

3 services from the list published by the Commission 

4 pursuant to section 2(a) of the Secure and Trusted 

5 Communications Networks Act of 2019 (47 U.S.C. 

6 1601(a)); or 

7 (3) the Securities and Exchange Commission 

8 determines that a covered issuer that the Commis9 sion had previously identified under section 

10 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 

11 U.S.C. 7214(i)(2)(A)) is no longer described in such 

12 section 104(i)(2)(A). 

Æ 


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