Uyghur Forced Labor Disclosure Act

Bill: 117-hr-2072
Sponsor: full_name: Rep. Wexton, Jennifer [D-VA-10]
Introduced: 2021-03-18
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Asia

China

Congressional oversight

Detention of persons

Government information and archives

Government studies and investigations

Human rights

Labor standards

Manufacturing

Religion

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2021-03-18
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-03-18
action_desc: Introduced in House
text: <p><b>Uyghur Forced Labor Disclosure Act</b></p> <p>This bill requires issuers of securities to publicly disclose their activities related to China's Xinjiang Uyghur Autonomous Region. Specifically, issuers must disclose the importation of manufactured goods and materials that originated or are sourced from that region, as well as details about the commercial activity, gross revenue and net profits, and future import plans regarding these goods and materials. Furthermore, issuers must disclose whether any of these goods or materials are from forced labor camps. </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 2072 IN THE HOUSE OF REPRESENTATIVES March 18, 2021 Ms. Wexton (for herself, Mr. Sherman , Mr. Connolly , Mr. Deutch , Mr. Espaillat , Ms. Norton , Mr. Cicilline , Mr. Suozzi , Mrs. Luria , Mr. Hastings , and Mr. Carson ) 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 make certain disclosures relating to the Xinjiang Uyghur Autonomous Region, and for other purposes.

1. Short title This Act may be cited as the Uyghur Forced Labor Disclosure Act . 2. Disclosure of certain activities relating to the Xinjiang Uyghur Autonomous Region (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 certain activities relating to the Xinjiang Uyghur Autonomous Region (1) In general Not later than the end of the 180-day period beginning on the date of enactment of this subsection, the Commission shall issue rules to require each issuer required to file an annual report under this section or section 15(d) or a proxy statement under section 14 to disclose in each such report or proxy statement whether, during the period covered by the report or proxy statement— (A) the issuer or any affiliate of the issuer, directly or indirectly, engaged with an entity or the affiliate of an entity to import— (i) manufactured goods, including electronics, food products, textiles, shoes, auto parts, polysilicon, and teas, that are sourced from or through the XUAR; (ii) manufactured goods containing materials that are sourced from or through the XUAR; or (iii) goods manufactured by an entity engaged in labor transfers from the XUAR; (B) with respect to any goods or materials described under subparagraph (A), whether the goods or material originated in forced labor camps; and (C) with respect to each manufactured good or material described under subparagraph (A)— (i) the nature and extent of the commercial activity related to such good or material; (ii) the gross revenue and net profits, if any, attributable to the good or material; and (iii) whether the issuer or the affiliate of the issuer intends to continue with such importation. (2) Availability of information The Commission shall make all information disclosed pursuant to this subsection available to the public on the website of the Commission. (3) Reports (A) Annual report to Congress The Commission shall— (i) conduct an annual assessment of the compliance of issuers with the requirements of this subsection; and (ii) issue a report to Congress containing the results of the assessment required under clause (i). (B) GAO report The Comptroller General of the United States shall periodically evaluate and report to Congress on the effectiveness of the oversight by the Commission of the disclosure requirements under this subsection. (4) Definitions In this subsection: (A) Forced labor camp The term forced labor camp means— (i) any entity engaged in the mutual pairing assistance program which subsidizes the establishment of manufacturing facilities in XUAR; (ii) any entity using convict labor, forced labor, or indentured labor described under section 307 of the Tariff Act of 1930 ( 19 U.S.C. 1307 ); and (iii) any other entity that the Commission determines is appropriate. (B) XUAR The term XUAR means the Xinjiang Uyghur Autonomous Region. . (b) Repeal The amendment made by this section shall be repealed on the earlier of— (1) the date that is 8 years after the date of the enactment of this section; or (2) the date on which the President submits to Congress (including the Office of the Law Revision Council) a determination that the Government of the People’s Republic of China has ended mass internment, forced labor, and any other gross violations of human rights experienced by Uyghurs, Kazakhs, Kyrgyz, and members of other persecuted groups in the Xinjiang Uyghur Autonomous Region.