Transaction and Sourcing Knowledge Act

Bill: 117-s-4095
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2022-04-27
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-04-27
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-04-27
action_desc: Introduced in Senate
text: <p><strong>Transaction and Sourcing Knowledge Act or the TASK Act </strong></p> <p>This bill requires the Securities and Exchange Commission to mandate the reporting of certain information by publicly traded companies. Specifically, companies must report on </p> <ul> <li>the sourcing and due diligence involving products imported into the United States utilizing forced labor from Xinjiang, China; </li> <li>transactions with companies on the Department of Commerce's trade restriction list or designated as Chinese military-industrial complex companies; and </li> <li>for U.S. companies with facilities in China, whether there is a Chinese Communist Party committee in the operations of the company, and a summary of that committee's activity.</li> </ul>

tv_txt: II 117th CONGRESS 2d Session S. 4095 IN THE SENATE OF THE UNITED STATES April 27, 2022 Mr. Scott of Florida (for himself, Mr. Rubio , and Mr. Braun ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Securities and Exchange Commission to require reporting of sourcing and due diligence activities of companies involving supply chains of products that are imported into the United States that are directly linked to products utilizing forced labor from Xinjiang, China, and for other purposes.

1. Short title This Act may be cited as the Transaction and Sourcing Knowledge Act or the TASK Act . 2. SEC reporting The Securities and Exchange Commission, as part of its evaluation of potential guidance on reporting on environmental, social, and governance matters by publicly traded companies, shall require reporting of— (1) sourcing and due diligence activities of such companies involving supply chains of products that are imported into the United States that are directly linked to products utilizing forced labor from Xinjiang, China; (2) transactions with companies that have been— (A) placed on the Entity List by the Department of Commerce; or (B) designated by the Department of the Treasury as Chinese Military-Industrial Complex Companies; and (3) with respect to publicly traded United States companies with facilities in China, on an annual basis— (A) whether there is a Chinese Communist Party committee in the operations of the company; and (B) a summary of the actions and corporate decisions in which any committee described in subparagraph (A) may have participated.