Reveal Risky Business in China Act

Bill: 118-hr-4451
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2023-06-30
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-06-30
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-06-30
action_desc: Introduced in House
text: <p><strong>Reveal Risky Business in China Act</strong></p> <p>This bill requires an issuer of securities to regularly disclose whether the issuer does business (1) with or in China; (2) with any entity owned or operated by the Chinese Communist Party; or (3) with or in any country that, after March 24, 2022, invades a sovereign nation state or annexes sovereign territory. An issuer must also disclose whether its supply chain uses Uyghur forced labor.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4451 IN THE HOUSE OF REPRESENTATIVES June 30, 2023 Mr. Torres of New York 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 whether they do business in or with China or other aggressor nations, and for other purposes.

1. Short title This Act may be cited as the Reveal Risky Business in China Act . 2. Disclosure of business ties to China or other aggressor nations Section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ) is amended by adding at the end the following: (t) Disclosure of business ties to China or other aggressor nations (1) In general Each issuer required to file an annual or quarterly report under subsection (a) shall disclose in that report— (A) whether the issuer does business in or with— (i) China; (ii) any entity owned or operated, directly or indirectly, by the Chinese Communist Party or any member of such Party; or (iii) any country that, after March 24, 2022, invades a sovereign nation state or annexes sovereign territory in an unprovoked war of aggression; and (B) whether the supply chain of the issuer uses the forced labor of Uyghurs. (2) Termination The requirements under paragraph (1) shall cease to have any force or effect on the earlier of— (A) the date that is 5 years after the date of enactment of this subsection; and (B) the date on which the Commission— (i) determines that such requirements are not in the public interest or for the protection of investors; and (ii) notifies the Congress of such determination, and makes such determination available to the public. .