Title: To amend the Securities Exchange Act of 1934 to require issuers to disclose risks related to global pandemics, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill requires certain issuers of securities to report to the Securities and Exchange Commission (SEC), during a global pandemic, information related to risks faced by the issuer. Specifically, if the World Health Organization declares a pandemic, an issuer must disclose to the SEC
The SEC must make such reports publicly available on its website.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6371 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 6371

  To amend the Securities Exchange Act of 1934 to require issuers to 
  disclose risks related to global pandemics, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2020

 Mr. Sherman introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Securities Exchange Act of 1934 to require issuers to 
  disclose risks related to global pandemics, 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. DISCLOSURES RELATED TO GLOBAL PANDEMIC RISK.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m), as amended by section 403, is further amended by 
adding at the end the following:
    ``(t) Disclosures Related to Global Pandemic Risk.--
            ``(1) In general.--Each issuer required to file current 
        reports under subsection (a) shall, in the event the World 
        Health Organization declares a pandemic, file a report with the 
        Commission containing a description of--
                    ``(A) the risks and exposures to the issuer related 
                to the pandemic, including risks to health and worker 
                safety faced by the issuer's employees and independent 
                contractors;
                    ``(B) the steps the issuer is taking to mitigate 
                such risks and exposures, including measures to protect 
                the workforce, including information related to wages, 
                healthcare, and leave;
                    ``(C) a preliminary view on the effect the pandemic 
                may have on the issuer's business, solvency, and 
                workforce; and
                    ``(D) all other material information.
            ``(2) Updates.--Disclosures required under this subsection 
        shall be updated when there are material changes.
            ``(3) Public availability of reports.--The Commission shall 
        make each report filed to the Commission under paragraph (1) 
        available to the public, including on the website of the 
        Commission.''.
    (b) Application.--Section 13(t) of the Securities Exchange Act of 
1934, as added by subsection (a), shall apply to a pandemic declared by 
the World Health Organization that is in existence on the date of 
enactment of this Act or that is declared after the date of enactment 
of this Act.
                                 <all>