Holding Foreign Companies Accountable Act

Bill: 116-s-945
Sponsor: Sen. Kennedy, John [R-LA]
Introduced: 2019-03-28 in the Senate
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Administrative law and regulatory procedures
Asia
China
Corporate finance and management
Foreign and international corporations
Government information and archives
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2019-03-28
text: 

Holding Foreign Companies Accountable Act 

 
This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange. 

action_date: 2020-05-20
text: 

Holding Foreign Companies Accountable Act 

 
This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange or through other methods. 
 
Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year
 
 
the percentage of shares owned by governmental entities where the issuer is incorporated, 
 
whether these governmental entities have a controlling financial interest, 
 
information related to any board members who are officials of the Chinese Communist Party, and 
 
whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party. 


action_date: 2020-12-02
text: 

Holding Foreign Companies Accountable Act 

 
This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange or through other methods. 
 
Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year
 
 
the percentage of shares owned by governmental entities where the issuer is incorporated, 
 
whether these governmental entities have a controlling financial interest, 
 
information related to any board members who are officials of the Chinese Communist Party, and 
 
whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party. 


action_date: 2020-12-18
text: 

Holding Foreign Companies Accountable Act 

 
This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange or through other methods. 
 
Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year
 
 
the percentage of shares owned by governmental entities where the issuer is incorporated, 
 
whether these governmental entities have a controlling financial interest, 
 
information related to any board members who are officials of the Chinese Communist Party, and 
 
whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party. 



Legislative actions:
action_date: 2020-12-18
text: Became Public Law No: 116-222.
action_date: 2020-12-18
text: Became Public Law No: 116-222.
action_date: 2020-12-18
text: Signed by President.
action_date: 2020-12-18
text: Signed by President.
action_date: 2020-12-08
text: Presented to President.
action_date: 2020-12-08
text: Presented to President.
action_date: 2020-12-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2020-12-02
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6031-6032)
action_date: 2020-12-02
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)
action_date: 2020-12-02
text: DEBATE - The House proceeded with forty minutes of debate on S. 945.
action_date: 2020-12-02
text: Considered under suspension of the rules. (consideration: CR H6031-6035)
action_date: 2020-12-02
text: Mr. Clay moved to suspend the rules and pass the bill.
action_date: 2020-05-22
text: Held at the desk.
action_date: 2020-05-22
text: Received in the House.
action_date: 2020-05-22
text: Message on Senate action sent to the House.
action_date: 2020-05-20
text: Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2520)
action_date: 2020-05-20
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)
action_date: 2020-05-20
text: Measure laid before Senate by unanimous consent. (consideration: CR S2519-2520)
action_date: 2020-05-20
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2020-05-20
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2019-12-10
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2019-06-04
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2019-03-28
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2019-03-28
text: Introduced in Senate

Enacted as: number: 116-222