Title: Disclose Police Brutality Bonds Act of 2020
Policy area: Finance and Financial Sector

Summary:
Disclose Police Brutality Bonds Act of 2020
This bill requires issuers of securities to disclose services provided to state and local governments related to the issuance of bonds if proceeds may be used to pay settlements or judgments in connection with police violence or civil rights abuses.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7261 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7261

  To amend the Securities Exchange Act of 1934 to require issuers to 
    disclose services performed for State and local governments in 
   connection with the issuance of bonds that may be used to pay for 
 settlements or judgments in connection with police violence or civil 
                 rights abuses, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 18, 2020

  Mr. Meeks (for himself, Mr. David Scott of Georgia, Mr. Thompson of 
 Mississippi, Mr. Vargas, and Ms. Velazquez) 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 services performed for State and local governments in 
   connection with the issuance of bonds that may be used to pay for 
 settlements or judgments in connection with police violence or civil 
                 rights abuses, 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 ``Disclose Police Brutality Bonds Act 
of 2020''.

SEC. 2. DISCLOSURE OF SERVICES PROVIDED TO GOVERNMENTS IN CONNECTION 
              WITH PAYMENTS FOR POLICE VIOLENCE OR CIVIL RIGHTS ABUSES.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the following:
    ``(s) Disclosure of Services Provided to Governments in Connection 
With Payments for Police Violence or Civil Rights Abuses.--Each issuer 
required to file an annual report under subsection (a) shall disclose 
in that report--
            ``(1) any services the issuer performed for a State or 
        local government to assist the State or local government in 
        issuing a bond, if the proceeds from such bond issuance would 
        be available to the State or local government to pay amounts 
        owed under any settlement or judgment against the State or 
        local government in connection with police violence or civil 
        rights abuses;
            ``(2) any bond underwriting fees received by the issuer in 
        connection with any service described under paragraph (1); and
            ``(3) with respect to any service described under paragraph 
        (1), whether the issuer partnered or subcontracted with any 
        minority- or woman-owned business to provide such service.''.
    (b) Rulemaking.--Not later than the end of the 180-day period 
beginning on the date of enactment of this Act, the Securities and 
Exchange Commission shall issue rules to carry out section 13(s) of the 
Securities Exchange Act of 1934, as added by subsection (a).
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