Securities and Exchange Atonement Act of 2022
Bill: H.R.9437 | Sponsor: Rep. Green, Al (D-TX)
Policy area: Finance and Financial Sector

Summary:
Securities and Exchange Atonement Act of 2022
This bill addresses the racial equity of publicly traded companies. Specifically, the bill requires certain publicly traded companies to regularly audit the company's ties to slavery and the company's policies and practices on civil rights, equity, diversity, and inclusion. The bill also establishes the Office of Reparations Programs within the Department of the Treasury to provide grants to further racial equity, including for startup capital and funded savings programs for Black communities.

To amend the Securities Exchange Act of 1934 to require covered issuers 
    to carry out a racial equity audit every 2 years, 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 ``Securities and Exchange Atonement 
Act of 2022''.

SEC. 2. RACIAL EQUITY AUDIT.

    (a) In General.--The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended by inserting after section 13A the following:

``SEC. 13B. RACIAL EQUITY AUDIT.

    ``(a) In General.--Not later than the end of the 6-month period 
beginning on the date of enactment of this section, and every 2 years 
thereafter, each covered issuer shall--
            ``(1) conduct an independent audit to assess--
                    ``(A) the issuer's policies and practices on civil 
                rights, equity, diversity, and inclusion;
                    ``(B) how such policies and practices affect the 
                issuer's business; and
                    ``(C) whether the issuer had direct or indirect 
                ties to or profited from the institution of slavery;
            ``(2) issue a report to the Commission containing--
                    ``(A) all findings and determinations made in 
                carrying out the assessments required under paragraph 
                (1); and
                    ``(B) to the extent the issuer identifies ties to 
                or profits from the institution of slavery, a 
                disclosure of the steps the issuer has taken to 
                reconcile such ties or profits; and
            ``(3) make the report described under paragraph (2) 
        available to the public, including on a website of the issuer.
    ``(b) Failure To Issue Report.--
            ``(1) Fine.--Any covered issuer that fails to issue a 
        report required under subsection (a)(2), or that reports false, 
        misleading, or inaccurate information on such a report, shall 
        be fined by the Commission in an amount of $20,000 per day 
        until the report is issued, or until the report is corrected to 
        not be false, misleading, or inaccurate, as applicable.
            ``(2) Transfer of amounts.--The Commission shall transfer 
        all fines collected pursuant to paragraph (1) to the Secretary 
        of the Treasury and the Secretary shall, without further 
        appropriation, use such funds to carry out the duties of the 
        Office of Reparations Programs.
    ``(c) Covered Issuer Defined.--In this section, the term `covered 
issuer' means an issuer that--
            ``(1) is required to file an annual report under section 
        13(a) or 15(d); and
            ``(2) has more than 100 employees.''.
    (b) Office of Reparations Programs.--Chapter 3 of title 31, United 
States Code, is amended--
            (1) in subchapter I, by adding at the end the following:
``Sec. 317. Office of Reparations Programs
    ``(a) Establishment.--There is established, within the Department 
of the Treasury, an Office of Reparations Programs.
    ``(b) Duties.--The Office of Reparations Programs shall provide 
grants for startup capital and funded savings programs for Black 
communities, as well other programs determined appropriate by the 
Secretary in furtherance of racial equity.
    ``(c) Funding.--
            ``(1) Authorization of appropriations.--There is authorized 
        to be appropriated to the Secretary of the Treasury 
        $3,000,000,000 to carry out this section.
            ``(2) Administrative costs.--The Secretary may use 2 
        percent of amounts appropriated to carry out this section for 
        administrative expenses related to carrying out the duties of 
        the Office of Reparations Programs.''; and
            (2) in the table of contents for such chapter, by inserting 
        after the item relating to section 316 the following:

``317. Office of Reparations Programs.''.
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