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

Bill: 116-hr-6371
Sponsor: full_name: Rep. Sherman, Brad [D-CA-30]
Introduced: 2020-03-23
Policy area: Finance and Financial Sector
Subjects: Business records

Corporate finance and management

Emergency medical services and trauma care

Employee benefits and pensions

Employee leave

Government information and archives

Health care costs and insurance

Health care coverage and access

Infectious and parasitic diseases

Securities

Wages and earnings

Worker safety and health

World health
Latest action: action_date: 2020-03-23
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-03-23
action_desc: Introduced in House
text: <p>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 </p> <ul> <li>risks faced by the issuer, including risks to health and safety faced by employees and independent contractors; </li> <li>mitigation measures, including those taken to protect the workforce's wages, health care, and leave; and </li> <li>the effect the pandemic may have on the issuer's business, solvency, and workforce. </li></ul> <p>The SEC must make such reports publicly available on its website. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6371 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.

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.