Holding China Accountable Act

Bill: 116-hr-7181
Sponsor: Rep. Nunes, Devin [R-CA-22]
Introduced: 2020-06-11 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Asia
Banking and financial institutions regulation
Business records
China
Computer security and identity theft
Congressional oversight
Cultural exchanges and relations
Education programs funding
Financial services and investments
Foreign and international corporations
Government information and archives
Higher education
Intellectual property
International exchange and broadcasting
Iran
Middle East
North Korea
Political parties and affiliation
Russia
Science and engineering education
Securities
Securities and Exchange Commission (SEC)
Trade secrets and economic espionage
U.S. and foreign investments
Visas and passports

Summary:
action_date: 2020-06-11
text: 

Holding China Accountable Act 

 
This bill prohibits certain Chinese nationals from receiving visas, requires higher education institutions to disclose certain foreign gifts, and restricts the use of foreign public accounting firms by foreign issuers of securities. 
 
Specified visas may not be issued to Chinese nationals seeking to enter the United States for the purpose of (1) studying science, technology, engineering, mathematics, or a related field; (2) employment in science, technology, engineering, mathematics, or a related field; or (3) attending a business meeting, conference, or academic or cultural exchange that includes activities related to science, technology, engineering, mathematics, or a related field. 
 
The bill also lowers the disclosure threshold regarding gifts to higher education institutions from China, Russia, Iran, and North Korea. 
 
Additionally, the bill requires certain disclosures from foreign issuers of securities that use, for the required audit report to the Securities and Exchange Commission, a foreign public accounting firm that is not subject to inspection by the Public Company Accounting Oversight Board. If an issuer uses such a foreign public accounting firm, the issuer is generally prohibited from listing its securities on a national securities exchange. 


Legislative actions:
action_date: 2020-06-11
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-06-11
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-06-11
text: Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2020-06-11
text: Introduced in House
action_date: 2020-06-11
text: Introduced in House